EMI Calculator — home, car and personal loans
Enter the loan amount, interest rate and tenure to see your monthly EMI, the total interest you will pay, and how much of the first year goes to interest.
Where your money goes
- Principal₹20,00,00048%
- Interest₹21,65,55252%
Over the whole loan
Year by year
| Year | Principal | Interest | Left to pay |
|---|---|---|---|
| 1 | ₹39,805 | ₹1,68,473 | ₹19,60,195 |
| 5 | ₹55,856 | ₹1,52,421 | ₹17,62,544 |
| 10 | ₹85,309 | ₹1,22,968 | ₹13,99,876 |
| 15 | ₹1,30,293 | ₹77,984 | ₹8,45,975 |
| 20 | ₹1,98,997 | ₹9,281 | ₹0 |
🎈 In today’s money at 6% inflation
Add the loan in Spendly and each EMI is set aside before it is due — so it never looks like spending money.
Track my loans →How it is calculated
Indian banks charge EMI on a reducing balance: interest each month is on what you still owe, so early EMIs are mostly interest and later ones mostly principal.
The EMI stays the same every month; only its split between interest and principal changes.
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1) P = loan amount, r = annual rate ÷ 12 ÷ 100, n = months
Home loan EMI
Home loans run up to 30 years, usually at a floating rate linked to an external benchmark such as the RBI repo rate, so the EMI or the tenure changes when rates move. Over 20 years the interest can be more than the loan itself — the year-by-year table shows how slowly the balance falls at first.
Under the old income-tax regime, interest on a home loan for a self-occupied house can be deducted up to ₹2 lakh a year (section 24(b)) and principal counts toward the section 80C limit. The new regime does not allow these for a self-occupied home. Check the Income Tax Department’s rules for your case.
Planning a part-prepayment? The loan prepayment calculator shows the interest it saves.
Car loan EMI
Car loans are usually for 1–7 years, often at a fixed rate. A longer tenure lowers the EMI but the car loses value faster than a long loan is paid down, so a shorter tenure is often the safer choice. Use a 5-year tenure in the calculator to see the difference.
Personal loan EMI
Personal loans are unsecured, so rates are higher — often 10.5% to 24% a year — and tenures shorter, typically 1–5 years. Compare the total interest, not just the EMI, and watch for processing fees. If the money would only pay off a card balance, compare with the cost of carrying that balance first.
Education loan EMI
Education loans usually come with a moratorium — no EMI during the course and for some months after — but interest keeps adding up in that time. Under the old tax regime, the interest paid can be deducted under section 80E for up to 8 years. Enter the amount you will owe when repayment starts to see the EMI.
How much EMI can I afford?
Lenders look at how much of your take-home pay goes to EMIs; many prefer it below about 40–50%. Lower leaves more room for saving and surprises. See your own split in the salary budget calculator, and what is left until payday in the Safe to Spend calculator.
Questions
How is EMI calculated in India?
On a reducing balance, with the formula above. Each month the interest is worked out on the outstanding principal, and the rest of the EMI repays principal.
How does inflation affect my EMI?
The EMI stays fixed while prices and pay usually rise, so each later EMI is lighter in real terms. The calculator shows the whole loan and the last EMI in today’s money at the inflation rate you set.
Does a longer tenure reduce EMI?
Yes, but it raises the total interest a lot. A 30-year loan has a smaller EMI than a 20-year one and costs much more overall.
What is a flat rate, and why is it misleading?
A flat rate charges interest on the full loan for the whole tenure. “12% flat” for 3 years is roughly 21% on a reducing basis. Spendly shows the reducing-rate equivalent when you add a flat-rate loan.
Can I track my EMIs and prepayments?
Yes. Spendly keeps each loan’s schedule, marks instalments paid, shows the principal and interest split and the effect of a prepayment.