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Nellore, Andhra Pradesh
info@mrsolutions.in

Free tool · Finance

EMI Calculator

Work out your monthly loan instalment, total interest and total repayment — with a year-by-year schedule.

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Monthly EMI
₹10,623.52
  • Principal amount₹5,00,000.00
  • Total interest₹1,37,411.34
  • Number of EMIs60
  • Total amount payable₹6,37,411.34
Breakdown of total payment
Principal 78% Interest 22%

Assumes a fixed interest rate and monthly reducing balance. Excludes fees and charges.

Repayment schedule

Year-by-year breakdown

YearPrincipal paidInterest paidTotal paidBalance
Year 1₹81,134.06₹46,348.21₹1,27,482.27₹4,18,865.94
Year 2₹89,629.86₹37,852.41₹1,27,482.27₹3,29,236.08
Year 3₹99,015.27₹28,466.99₹1,27,482.27₹2,30,220.81
Year 4₹1,09,383.47₹18,098.80₹1,27,482.27₹1,20,837.34
Year 5₹1,20,837.34₹6,644.92₹1,27,482.27₹0.00

How it works

The EMI formula

EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]
  • P — loan amount (principal)
  • r — monthly interest rate = annual rate ÷ 12 ÷ 100
  • n — number of monthly instalments

Tips before you borrow

  • Keep EMIs at a level you can pay comfortably every month.
  • Compare the total interest, not just the EMI, across tenures.
  • Check processing fees, prepayment terms and whether the rate is fixed or floating.

FAQ

Common questions

Need help with something else? Send us a message.

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 instalments.

Interest is charged on the outstanding balance. At the start the balance is highest, so more of each EMI goes to interest. As you repay principal, the interest share falls — you can see this in the repayment schedule.

No. A longer tenure lowers the monthly EMI but increases the total interest you pay. A shorter tenure has a higher EMI but a lower total cost.

No. The calculator covers principal and interest only, assuming a fixed rate. Lenders may add processing fees, insurance or other charges, and floating rates can change over time.

Yes. The same reducing-balance EMI formula applies to most home, vehicle, personal and education loans. Confirm the exact terms with your lender.

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