EMI Calculator with total interest
Enter your loan and get the monthly EMI instantly — plus the number most calculators bury: the total interest you'll actually pay. Works for every loan type, updates as you type, and shows how tenure alone changes the cost.
Your EMI is a fixed monthly payment that clears both principal and interest by the end of the tenure. The formula is exact and every lender uses the same one — so the figure below is the figure you'll be quoted. What differs is what it costs you in total, and that's the number worth staring at.
Calculate Your EMI
↓ That EMI feels manageable — but watch what the tenure does to the total.
How Much Interest Will I Pay?
A lower EMI almost never means a cheaper loan — it usually means a longer one. Here's the same loan amount and rate across different tenures, so you can see the interest bill grow as the EMI shrinks.
Stretching a loan lowers the EMI and raises the total. The monthly relief is real; so is the extra lakh of interest.
↓ Curious how that EMI figure is actually derived? Here's the formula, worked.
How Is EMI Calculated?
Every EMI rests on one equation — the reducing-balance formula. Your monthly instalment E on principal P, at monthly rate r (annual rate ÷ 1200), over n months, is:
E = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1)
Work a real example: borrow ₹25,00,000 at 8.75% for 20 years. Here r = 8.75 ÷ 1200 = 0.0072917 and n = 240. The EMI comes to about ₹22,093 a month. Multiply by 240 and you repay roughly ₹53.02 lakh — meaning ₹28.02 lakh, more than the loan itself, is interest.
Interest is charged only on the outstanding balance, which shrinks with every payment — so early EMIs are mostly interest and later ones mostly principal. That's why prepaying early in a loan saves far more than prepaying late.
| Symbol | Meaning | In this example |
|---|---|---|
| P | Principal borrowed | ₹25,00,000 |
| r | Monthly rate (annual ÷ 1200) | 0.0072917 |
| n | Number of instalments | 240 |
| E | Monthly EMI | ₹22,093 |
Home Loan EMI for Common Amounts
A quick reference for typical home loan sizes at 8.75% p.a. — a representative floating rate in 2026. Find your amount, read across to your tenure. For your exact rate and loan type, use the calculator at the top; these are rounded, indicative figures.
| Loan amount | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|
| ₹20 lakh | ₹19,989 | ₹17,676 | ₹16,443 | ₹15,735 |
| ₹30 lakh | ₹29,984 | ₹26,514 | ₹24,665 | ₹23,603 |
| ₹50 lakh | ₹49,974 | ₹44,191 | ₹41,108 | ₹39,339 |
| ₹75 lakh | ₹74,960 | ₹66,286 | ₹61,661 | ₹59,008 |
| ₹1 crore | ₹99,947 | ₹88,381 | ₹82,215 | ₹78,677 |
Notice how little the EMI falls once you stretch past 20 years — and remember every extra year is another year of interest. On a ₹50 lakh loan, moving from 20 to 30 years drops the EMI by under ₹5,000 a month but adds well over ₹30 lakh to the total interest. The lower monthly figure is rarely the cheaper choice.
What Interest Rate Will You Actually Get?
The rate in an ad is the best-case rate. What you're offered depends on your profile and the lender. These are the levers that move it, roughly in order of impact:
- Credit score. A CIBIL score of 750+ unlocks the lowest advertised rates; below ~700, lenders either price in a premium or decline. This is the single biggest factor you control before applying.
- Loan type & security. Secured loans are cheaper than unsecured. Home loans carry the lowest rates, followed by car loans; personal and business loans sit several percentage points higher because nothing backs them.
- Loan-to-value / down payment. A larger down payment lowers the lender's risk and can earn a better rate, especially above the 80% LTV mark.
- Income stability & employer. Salaried applicants at established firms are seen as lower risk than the self-employed; a higher, steadier income helps both the rate and the sanction.
- Lender type. Public-sector and large private banks usually price below NBFCs and housing finance companies, which may approve thinner profiles but charge more for it.
- Benchmark. Floating home loans are now linked to the RBI repo rate (an external benchmark), so they move transparently with policy; older MCLR-linked loans reset more slowly and less visibly.
Fixed vs Floating Interest Rate
When you take the loan you'll usually choose between a fixed rate and a floating (variable) one. They behave very differently over a long tenure:
🌊 Floating rate
- Linked to an external benchmark — usually the RBI repo rate — and resets when policy changes
- Typically starts lower than a fixed rate
- No prepayment or foreclosure charge for individuals on non-business loans (RBI rules, 2026)
- Your EMI or tenure can rise if rates rise — banks usually extend the tenure by default
- Best when you expect rates to stay flat or fall, or you may prepay
🔒 Fixed rate
- Stays constant for a set period, so the EMI is fully predictable
- Usually priced higher than the floating rate at the outset
- May carry a prepayment charge, since the no-charge rule covers floating loans
- Shields you if rates rise — but you don't benefit if they fall
- Best when you value certainty, or expect rates to climb
Most Indian home loans today are floating and repo-linked, which is also why prepaying them is penalty-free. If predictability matters more to you than the lowest cost, a fixed rate buys peace of mind at a small premium.
Tax Benefits on Your Loan
Some loans reduce your taxable income — but almost all of these benefits sit inside the old tax regime. The new regime, the default since AY 2024-25, strips most of them away for a self-occupied home.
| Loan type | Section | Benefit (old regime) |
|---|---|---|
| Home loan | 24(b) | Interest up to ₹2 lakh/yr (self-occupied); full interest for let-out property |
| 80C | Principal repayment up to ₹1.5 lakh/yr (shared with other 80C items) | |
| Education loan | 80E | Full interest deductible, no cap, for up to 8 years |
| Business loan | — | Interest is deductible as a business expense against profits |
| Car / personal | — | No deduction (unless the asset is used for business/income) |
How to Lower Your EMI and Total Interest
The EMI isn't fixed by fate — several levers bring down either the monthly figure, the lifetime interest, or both:
- Put down more upfront. A larger down payment shrinks the principal, which lowers both the EMI and the total interest, and can earn a better rate.
- Pick the shortest tenure you can afford. It raises the EMI but slashes total interest — see the tenure comparison above for the trade-off on your numbers.
- Prepay early. Interest is charged on the outstanding balance, so early prepayments remove the most interest. The prepayment calculator shows exactly how much.
- Raise your credit score before applying. Moving from the high-600s to 750+ can shift your rate by a meaningful margin over 20 years.
- Compare and negotiate. Use the loan comparison tool to rank offers by total cost — then ask your preferred lender to match the best.
- Consider a balance transfer. If rates have fallen since you borrowed, switching to a cheaper lender is penalty-free on floating individual loans; weigh the new processing fee against the interest saved.
Loan & EMI Glossary
Where to next
Your EMI is set. These pick up the questions it raises — each opens fresh with its own inputs.
