EMI Calculator — home, car, personal loan monthly payment
Calculate your equated monthly installment instantly. Works for home loan, car loan, and personal loan. Full amortisation breakdown included.
Inputs
Result
Composition
Year-by-year growth
About the EMI Calculator
EMI (Equated Monthly Installment) is what you pay every month on a loan. It's a fixed amount combining interest and principal repayment, calculated upfront for the loan's full tenure. The EMI itself stays constant (assuming fixed rate or unchanged floating rate), but the split between interest and principal shifts dramatically — early EMIs are mostly interest, later EMIs are mostly principal.
This calculator works for any fixed-rate loan: home loan, car loan, personal loan, education loan, business loan. For floating-rate loans (most home loans in India are RLLR-linked floating), assume the current rate stays constant for the projection — actual EMI will rise or fall with each repo rate revision. RBI changes the repo rate roughly 4–6 times per year; banks pass through within 3 months.
The amortisation schedule below shows year-wise how much of each EMI goes to interest vs principal, and how your outstanding balance reduces over time. For a ₹50 lakh, 20-year, 8.5% home loan: in year 1, 80% of every EMI is interest. By year 10, that drops to 55%. By year 18, just 12%. This back-loaded principal repayment is why prepaying in the early years saves disproportionately more interest — every ₹1 lakh prepaid in year 1 of a 20-year ₹50L loan saves ~₹3.4 lakh in total interest, but the same ₹1L prepaid in year 15 saves only ~₹50,000.
Critical EMI rules of thumb for Indian borrowers: keep total EMI obligations under 40% of take-home pay, with home loan EMI ideally under 30%. Banks will sanction up to 50–55% FOIR (Fixed Obligation to Income Ratio), but doing so leaves no buffer for emergencies, school fees, or unexpected expenses. Add medical insurance, term insurance, and emergency fund (6 months of expenses) to your monthly outflow plan before signing any large loan.
Floating-rate home loan optimization: floating rates have zero prepayment penalty for individual borrowers (RBI rule). Use this advantage. Set your EMI to a manageable level for tax-deduction purposes (Section 24 caps interest deduction at ₹2 lakh for self-occupied), then aggressively prepay any surplus — bonus, gift, ESOP exercise — toward principal. Most banks let you prepay online with a single click. Prepayment in years 1–7 is the single most powerful wealth lever for middle-class Indian families paying down a home loan.