EMI Calculator for Home, Car and Personal Loans

The EMI Calculator works out the fixed monthly payment on a loan. Enter the amount, the yearly interest rate and the term, and you get the EMI, the total interest, the total you will repay and the payoff date, plus a schedule for every month. It handles home, car, personal and education loans in seven currencies. Tick Start from the price on a home or car loan to add a down payment, trade-in, sales tax and fees.

For a US mortgage with property tax, insurance and PMI in the monthly figure, the Mortgage Calculator goes further, and the PMI Calculator focuses on when PMI ends. To see how savings grow rather than how a debt shrinks, use the Investment Calculator.

• Comparing lenders. Run the same loan at two offered rates to see what the difference costs you over the full term.
• Choosing a term. A longer term lowers the EMI but raises the total interest, so try both and compare.
• Pricing a car. Start from the vehicle price, then see what tax, fees and your trade-in do to the amount you borrow.
• Testing extra payments. Type an extra monthly amount to see how many months and how much interest it saves.

EMI stands for equated monthly instalment. The standard formula is EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r is the monthly rate (the yearly rate ÷ 12 ÷ 100) and n is the number of months.

The payment stays the same, but its split changes. Each month, interest is charged on what you still owe, and the rest of the payment reduces the balance. Early on, most of each EMI goes to interest. That is why an extra payment in the first years saves far more than one near the end. The calculator builds the schedule month by month from this rule. In car mode, tax is charged on the price after your trade-in, as most places do. Everything runs in your browser.

These come straight from the calculator. Look at the first row: on a 25-year loan, the interest comes to more than the amount borrowed, at $408,947 on $350,000. The 5-year car loan, at a higher rate, costs only $8,778 in interest. Time matters as much as the rate does.

Car mode, starting from a $34,000 price with $5,000 down, 6.5% sales tax and $450 in fees, financed a loan of $31,660. Measured by running this tool in Chrome on 6 November 2026. Your files will give different numbers.

• Compare loans over the same term, because a lower EMI over more years can cost far more in total.
• Use the rate your lender actually quotes you, not an advertised starting rate.
• Ask about fees separately. A processing fee is not part of the EMI, but it is part of the cost of the loan.
• Check whether your loan charges for prepayment before you plan on extra payments.
• Export the schedule to CSV if you want to compare offers in a spreadsheet.

• It assumes a fixed rate. If your rate floats, your EMI or term will change along with it.
• Lenders round in their own way, and may count days differently, so expect small differences from your bank's figures.
• Processing fees, insurance and other charges are not included unless you add them through the car mode's fees field.
• The result is arithmetic, not advice. It cannot tell you whether a loan is right for you, so ask a qualified adviser for that.

How is EMI calculated?

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). For example, ₹25,00,000 at 8.5% over 20 years gives an EMI of ₹21,696 in our test, with ₹27,06,939 in total interest.

Does prepaying really save money?

Usually, and most in the early years, when the bulk of each EMI is interest. Type an amount into the extra payment box to see the saving on your loan. Check your agreement for prepayment charges first.

Where did the home loan and car loan calculators go?

They are now modes of this page. Choose Home Loan or Car Loan, then tick the box to start from the price. All the same inputs are here, and old links bring you to the right mode.

Will my bank's EMI match exactly?

It should be close, though not always to the rupee or cent, because lenders round differently and may charge interest by the day.

Is my loan information stored?

No. The calculation happens in your browser, and the numbers you enter are not sent anywhere.