The toolbox · Finance
Know your EMI before you borrow.
Planning a home, car or personal loan? Set the amount, rate and tenure and see your monthly payment — plus the total interest you'll really pay — update as you type.
- See the whole picture. Monthly EMI, total interest, and total payable — not just one number.
- Instant & private. Everything is worked out in your browser — nothing you enter is sent to us.
- Free, and no sign-up. Compare as many scenarios as you like.
Your monthly EMI
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- Principal
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- Total interest
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- Total payable
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Worked out in your browser — nothing you enter is sent to us.
The basics
How your EMI is worked out
EMI — the Equated Monthly Installment — is the fixed amount you repay each month until the loan is cleared. Here's what drives it.
The formula
EMI = P × r × (1 + r)ⁿ ⁄ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of monthly installments.
What changes it
A bigger loan or a higher rate raises your EMI. A longer tenure lowers the monthly EMI but raises the total interest you pay over the life of the loan — the trade-off the donut makes visible.
Use it to plan
Try a shorter tenure or a bigger down-payment and watch the total interest fall. Lenders may add processing fees and insurance, so treat this EMI as an accurate estimate of the core repayment.
A worked example
For a ₹10,00,000 home loan at 9% per year over 20 years (240 months), the EMI works out to about ₹8,997 per month. Over the full term you repay ₹21,59,280 in all — your ₹10,00,000 principal plus ₹11,59,280 in interest. Shorten the tenure to 15 years and the EMI rises to about ₹10,143, but the total interest falls to roughly ₹8,25,740 — the calculator above shows the trade-off live.
This calculator is for planning only and isn't financial advice. Your lender's actual EMI may differ with fees, taxes, or a different compounding method.
EMI calculator — frequently asked questions
What is an EMI?
EMI stands for Equated Monthly Installment — the fixed amount you pay your lender every month until the loan is fully repaid. Each EMI covers part of the interest and part of the principal, so the balance you owe shrinks month by month.
How is EMI calculated?
EMI is calculated with the formula EMI = P × r × (1 + r)ⁿ ⁄ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly installments. This calculator applies that formula the moment you change any input.
Does a longer tenure reduce my EMI?
Yes — a longer tenure spreads the loan over more months, so each monthly EMI is smaller. The trade-off is that you pay interest for longer, so the total interest over the life of the loan goes up. The donut above shows exactly how that split shifts.
Is this EMI calculator free, and is my data private?
It's completely free with no sign-up, and every calculation happens in your browser — the loan amount, rate and tenure you enter are never sent to our servers or stored. Use it to compare home, car and personal loan scenarios as often as you like.
The EMI Calculator is one of DriveBird's free tools. Like planning by the numbers? Our calorie calculator does the same for your day — it works out the calories you burn and the target for your goal. All free, no sign-up.
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