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EMI calculator for home, car and personal loans

An EMI looks like one number, but inside it the split between interest and principal changes every month. See your EMI, what the loan really costs, and how the balance falls year by year.

₹
₹50 lakh
 %
 yrs
Monthly EMI
₹43,391
for 20 years · you’ll repay ₹1,04,13,879 in total

What the loan really costs

Interest
₹54.14 L
108% of loan
Principal
₹50,00,000
Total interest
₹54,13,879
Total paid
₹1,04,13,879
In year one, 81% of every EMI goes to interest. Principal only overtakes interest in year 13 — that’s why early prepayments save so much.

Year by year

0₹1.5 L₹3 L₹4.5 L₹6 L14710131620
PrincipalInterest

Full repayment schedule

20 years
YearPrincipalInterestBalance
1₹99,511₹4,21,182₹49,00,489
2₹1,08,307₹4,12,387₹47,92,181
3₹1,17,881₹4,02,813₹46,74,300
4₹1,28,300₹3,92,394₹45,46,000
5₹1,39,641₹3,81,053₹44,06,359
6₹1,51,984₹3,68,710₹42,54,375
7₹1,65,418₹3,55,276₹40,88,957
8₹1,80,039₹3,40,655₹39,08,918
9₹1,95,953₹3,24,741₹37,12,965
10₹2,13,274₹3,07,420₹34,99,691
11₹2,32,125₹2,88,569₹32,67,566
12₹2,52,643₹2,68,051₹30,14,923
13₹2,74,974₹2,45,720₹27,39,949
14₹2,99,279₹2,21,415₹24,40,670
15₹3,25,733₹1,94,961₹21,14,937
16₹3,54,525₹1,66,169₹17,60,412
17₹3,85,862₹1,34,832₹13,74,550
18₹4,19,968₹1,00,726₹9,54,582
19₹4,57,090₹63,604₹4,97,492
20₹4,97,492₹23,202₹0
How it’s calculated

The maths, in plain words

The formula

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan, r the monthly rate (annual ÷ 12) and n the number of months.

Interest first

Each month, interest is charged on the outstanding balance. Whatever is left of the EMI reduces the principal. Early on, most of the EMI is interest.

Reducing balance

As the balance falls, interest falls, so more of the same EMI goes to principal — that’s why the curve speeds up near the end.

Questions

People also ask

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What is the EMI for a ₹50 lakh home loan?
At 8.5% for 20 years it is about ₹43,391 a month. You would pay about ₹54 lakh in interest over the full term — more than the loan itself.
Is a longer tenure better?
A longer tenure lowers the EMI but raises total interest sharply. A 30-year loan costs about 60% more interest than a 20-year one. Pick the shortest tenure whose EMI you can comfortably pay.
Does the EMI change when the repo rate changes?
Most home loans are floating-rate and linked to the repo rate. When rates change, banks usually keep the EMI and change the tenure. You can ask for the EMI to change instead.
Understand it

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