EMI Summary
Amortization Schedule
Click a year row to expand or collapse its month-wise amortization.
What is an EMI calculator?
An EMI (Equated Monthly Instalment) calculator helps you estimate the fixed monthly payment for a home loan, personal loan, or car loan. Enter the loan amount, interest rate, and tenure to see your EMI, total interest, and total amount payable — along with a year-wise amortization schedule.
Use this free online EMI calculator to compare loan options before you apply to a bank or NBFC in India.
How is EMI calculated?
MPWRD uses the standard reducing-balance EMI formula used by most Indian lenders:
EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]
- P = loan principal (amount borrowed)
- r = monthly interest rate = annual rate ÷ 12 ÷ 100
- n = tenure in months
Each month, interest is charged only on the outstanding balance. Part of your EMI goes toward interest and the rest toward principal, so the principal share rises over time.
Worked example
Suppose you take a ₹5,00,000 personal loan at 12% p.a. for 3 years (36 months):
- Monthly rate r = 12 ÷ 12 ÷ 100 = 0.01
- EMI ≈ ₹16,607
- Total payment ≈ ₹5,97,862
- Total interest ≈ ₹97,862
Change the sliders above to recalculate instantly for home, personal, or car loan defaults.
How to use this EMI calculator
- Choose Home, Personal, or Car loan.
- Set the loan amount, interest rate, and tenure (years or months).
- Pick the EMI start month for a realistic schedule.
- Review EMI, interest, pie chart, and the amortization table.
Tips to lower your EMI or interest
- A slightly lower interest rate can cut total interest a lot on long tenures.
- Shorter tenure raises EMI but usually reduces total interest.
- Making prepayments (see our EMI calculator with prepayment) can save interest or shorten the loan.
- Compare offers from multiple lenders; processing fees and other charges are separate from EMI.
EMI calculator FAQs
Is this EMI calculator free?
Yes. It runs in your browser and does not require signup.
Does the EMI stay the same every month?
For a fixed-rate reducing-balance loan, the EMI amount stays the same, but the split between interest and principal changes each month.
Are bank charges included?
No. Processing fees, insurance, GST on fees, and late penalties are not included. Use the result as an estimate and confirm with your lender.
Disclaimer: Figures are estimates for planning only and are not financial advice.