EMI Calculator
Work out your monthly instalment and see how much of your loan goes to interest versus principal over its life.
Principal
₹20,00,000
Total interest
₹23,18,684.59
Total payment
₹43,18,684.59
Standard reducing-balance EMI with monthly compounding, matching how Indian banks publish fixed-rate loans. Calculated in your browser. Nothing is stored.
Where your money actually goes
Early in a loan most of each EMI is interest, and only a small slice reduces the principal. That flips over time. The principal-versus-interest bar below shows the total split across the whole loan, which is often a surprise: on a long home loan the interest can rival the amount you borrowed. Shortening the tenure is the simplest way to cut it.
Frequently asked questions
What is an EMI?
An Equated Monthly Instalment (EMI) is the fixed amount you pay every month to repay a loan. Each EMI covers the interest for that month plus a part of the principal, so the balance falls steadily until the loan is cleared.
How is EMI calculated?
EMI uses the reducing-balance formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months. Interest each month is charged only on the outstanding balance.
What raises my total interest the most?
Tenure. A longer tenure lowers the monthly EMI but increases the total interest a lot, because you owe the balance for longer. Try a shorter tenure to see how much interest you save.
Does prepaying reduce my EMI or the tenure?
Either, depending on what you choose with your lender. Keeping the EMI the same and reducing the tenure usually saves the most interest. Prepayments are not modelled here; this shows the base schedule for your inputs.
Track your loans and net worth
FinBoom tracks your loans alongside everything else, reducing the outstanding balance as you pay and showing your real net worth. No bank logins.
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This tool is for informational purposes only and is not investment advice. Results are calculated from the figures you enter.