EMI Calculator
Work out the exact monthly installment on any loan — home, car, personal or education — along with the total interest you'll pay over the loan's life. Add a processing fee or an extra monthly payment to see the full picture, including a year-by-year amortization schedule.
EMI Calculator
Work out the monthly installment on a home, car, personal or education loan — complete with a principal-vs-interest breakdown, a full year-by-year amortization schedule, and a prepayment planner that shows exactly how much interest an extra monthly payment saves you.
Principal —
Interest —
| Year | Principal Paid | Interest Paid | Balance |
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How EMI Calculator Works
EMI stands for Equated Monthly Installment — the fixed amount you repay every month until a loan is fully paid off. It is calculated on the "reducing balance" method, which almost every bank and lender uses:
- P — the loan principal (the amount you actually borrow)
- r — the monthly interest rate (annual rate ÷ 12 ÷ 100)
- n — the number of monthly installments (loan tenure in months)
Because the loan is repaid on a reducing balance, the interest portion of each EMI is highest in the early months (when the outstanding balance is largest) and falls steadily over time, while the principal portion grows. That's exactly what the amortization schedule above shows year by year.
Worked Example
Loan amount (P): ₹500,000
Annual interest rate: 8.5% → monthly rate r = 8.5 ÷ 12 ÷ 100 = 0.007083
Tenure: 240 months (20 years)
EMI = 500000 × 0.007083 × (1.007083)240 / ((1.007083)240 − 1) ≈ ₹4,339 per month
Over 20 years that's a total payment of roughly ₹10,41,000 — meaning about ₹5,41,000 is interest. Adding a processing fee or an extra monthly prepayment (both supported in the calculator above) changes these numbers, which is exactly why it's worth checking before you sign a loan agreement.
Frequently Asked Questions
How is EMI calculated?
EMI is calculated using the formula EMI = P × r × (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 monthly installments. Almost all banks use this reducing-balance method.
Does the EMI calculator include processing fees?
The core EMI figure covers only principal and interest. If you enter a processing fee percentage, the calculator adds that as a one-time amount on top and reflects it in your total payment — but check your loan offer document, since fees vary by lender.
How does the prepayment planner work?
Enter an extra monthly payment on top of your regular EMI and the calculator recomputes your payoff time and shows exactly how much total interest that extra payment saves you over the life of the loan.
What does the amortization schedule show?
Click "View year-by-year schedule" to see, for every year of the loan, how much you paid toward principal, how much toward interest, and your remaining balance — useful for understanding how a reducing-balance loan actually pays down over time.
Does 7EMI store the loan numbers I enter?
No. Every calculation runs locally in your browser. Your loan amount, rate and tenure are never sent to or stored on our servers.
Can I enter my EMI tenure in months instead of years?
Yes — the tenure field takes months directly, so a 5-year loan is entered as 60, a 15-year loan as 180, and a 20-year loan as 240. This matches how most loan offer documents state tenure, and avoids any rounding error from converting years to months yourself.