EMI Calculator

Calculate loan EMI, interest and total payment

₹500,000
8.5%

Monthly EMI

₹10,258

₹500,000
Principal
₹115,496
Total Interest
₹615,496
Total Payment
Principal (81%)
Interest (19%)

What is EMI Calculator?

An EMI (Equated Monthly Instalment) calculator computes the fixed monthly payment required to repay a loan within a specified period. EMI consists of two components: the principal (the borrowed amount being repaid) and the interest (the cost of borrowing). At the start of a loan, the majority of each EMI payment goes towards interest; as the balance reduces, a larger share goes towards principal — this is amortisation.

The EMI formula is: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of months.

Understanding your EMI before taking a loan is essential for financial planning. It helps you determine whether the monthly payment fits your budget, compare loan offers from different lenders, understand the total interest cost over the loan lifetime, and decide between a longer tenure (lower EMI but higher total interest) and a shorter tenure (higher EMI but lower total interest). Altairys's EMI Calculator provides not just the monthly payment but also a complete amortisation schedule showing the principal and interest breakdown of every single payment.

How to Use EMI Calculator

  1. Enter loan amount

    Type the principal amount you wish to borrow.

  2. Enter interest rate

    Enter the annual interest rate offered by your bank or lender.

  3. Set loan tenure

    Enter the loan duration in years or months.

  4. View EMI and schedule

    See your monthly EMI, total interest, total payment, and the full amortisation schedule.

Key Benefits

Full amortisation schedule

See the principal and interest breakdown of every monthly payment.

Visual breakdown chart

Pie chart showing the split between total principal and total interest paid.

Instant recalculation

Results update immediately as you change loan amount, rate, or tenure.

Multi-loan comparison

Adjust parameters to compare different loan offers side by side.

Frequently Asked Questions

EMI (Equated Monthly Instalment) is a fixed monthly payment that includes both principal repayment and interest. It's calculated using the formula: EMI = P × r(1+r)^n / ((1+r)^n - 1).

Yes — a longer tenure reduces monthly EMI but significantly increases total interest paid over the loan lifetime. A shorter tenure has higher EMI but lower total cost.

Financial advisers recommend keeping total EMI obligations below 40–50% of your monthly take-home income. Above this level, financial stress increases significantly.

Making part-prepayments reduces the outstanding principal, which reduces future interest charges. Even one lump-sum prepayment can significantly reduce total interest and loan tenure.

Reducing balance interest (standard for bank loans) calculates interest on the outstanding principal each month. Flat rate calculates interest on the original principal throughout — flat rate loans are more expensive than they appear.

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