EMI Calculator 2026 – Free Loan Planning Tool
Calculate your monthly EMI, total interest, and total payable amount. This page also generates a month-by-month amortization schedule so you can see how each EMI splits into interest and principal.
Example: 60 months = 5 years.
Tip
Compare different tenures to see how EMI changes. Longer tenure lowers EMI but increases total interest.
Monthly EMI
$11,122
Total interest
$167,333
Total payable
$667,333
Quick breakdown
EMI formula-based estimate (rounded for display).
Amortization schedule
Month-by-month split of EMI into interest and principal.
| Month | Opening | Interest | Principal | EMI | Closing |
|---|---|---|---|---|---|
| 1 | $500,000 | $5,000 | $6,122 | $11,122 | $493,878 |
| 2 | $493,878 | $4,939 | $6,183 | $11,122 | $487,694 |
| 3 | $487,694 | $4,877 | $6,245 | $11,122 | $481,449 |
| 4 | $481,449 | $4,814 | $6,308 | $11,122 | $475,141 |
| 5 | $475,141 | $4,751 | $6,371 | $11,122 | $468,771 |
| 6 | $468,771 | $4,688 | $6,435 | $11,122 | $462,336 |
| 7 | $462,336 | $4,623 | $6,499 | $11,122 | $455,837 |
| 8 | $455,837 | $4,558 | $6,564 | $11,122 | $449,273 |
| 9 | $449,273 | $4,493 | $6,629 | $11,122 | $442,644 |
| 10 | $442,644 | $4,426 | $6,696 | $11,122 | $435,948 |
| 11 | $435,948 | $4,359 | $6,763 | $11,122 | $429,185 |
| 12 | $429,185 | $4,292 | $6,830 | $11,122 | $422,355 |
| 13 | $422,355 | $4,224 | $6,899 | $11,122 | $415,456 |
| 14 | $415,456 | $4,155 | $6,968 | $11,122 | $408,489 |
| 15 | $408,489 | $4,085 | $7,037 | $11,122 | $401,451 |
| 16 | $401,451 | $4,015 | $7,108 | $11,122 | $394,343 |
| 17 | $394,343 | $3,943 | $7,179 | $11,122 | $387,165 |
| 18 | $387,165 | $3,872 | $7,251 | $11,122 | $379,914 |
| 19 | $379,914 | $3,799 | $7,323 | $11,122 | $372,591 |
| 20 | $372,591 | $3,726 | $7,396 | $11,122 | $365,195 |
| 21 | $365,195 | $3,652 | $7,470 | $11,122 | $357,724 |
| 22 | $357,724 | $3,577 | $7,545 | $11,122 | $350,179 |
| 23 | $350,179 | $3,502 | $7,620 | $11,122 | $342,559 |
| 24 | $342,559 | $3,426 | $7,697 | $11,122 | $334,862 |
| 25 | $334,862 | $3,349 | $7,774 | $11,122 | $327,089 |
| 26 | $327,089 | $3,271 | $7,851 | $11,122 | $319,237 |
| 27 | $319,237 | $3,192 | $7,930 | $11,122 | $311,308 |
| 28 | $311,308 | $3,113 | $8,009 | $11,122 | $303,298 |
| 29 | $303,298 | $3,033 | $8,089 | $11,122 | $295,209 |
| 30 | $295,209 | $2,952 | $8,170 | $11,122 | $287,039 |
| 31 | $287,039 | $2,870 | $8,252 | $11,122 | $278,787 |
| 32 | $278,787 | $2,788 | $8,334 | $11,122 | $270,453 |
| 33 | $270,453 | $2,705 | $8,418 | $11,122 | $262,035 |
| 34 | $262,035 | $2,620 | $8,502 | $11,122 | $253,533 |
| 35 | $253,533 | $2,535 | $8,587 | $11,122 | $244,946 |
| 36 | $244,946 | $2,449 | $8,673 | $11,122 | $236,274 |
| 37 | $236,274 | $2,363 | $8,759 | $11,122 | $227,514 |
| 38 | $227,514 | $2,275 | $8,847 | $11,122 | $218,667 |
| 39 | $218,667 | $2,187 | $8,936 | $11,122 | $209,732 |
| 40 | $209,732 | $2,097 | $9,025 | $11,122 | $200,707 |
| 41 | $200,707 | $2,007 | $9,115 | $11,122 | $191,592 |
| 42 | $191,592 | $1,916 | $9,206 | $11,122 | $182,385 |
| 43 | $182,385 | $1,824 | $9,298 | $11,122 | $173,087 |
| 44 | $173,087 | $1,731 | $9,391 | $11,122 | $163,695 |
| 45 | $163,695 | $1,637 | $9,485 | $11,122 | $154,210 |
| 46 | $154,210 | $1,542 | $9,580 | $11,122 | $144,630 |
| 47 | $144,630 | $1,446 | $9,676 | $11,122 | $134,954 |
| 48 | $134,954 | $1,350 | $9,773 | $11,122 | $125,181 |
| 49 | $125,181 | $1,252 | $9,870 | $11,122 | $115,311 |
| 50 | $115,311 | $1,153 | $9,969 | $11,122 | $105,342 |
| 51 | $105,342 | $1,053 | $10,069 | $11,122 | $95,273 |
| 52 | $95,273 | $953 | $10,169 | $11,122 | $85,104 |
| 53 | $85,104 | $851 | $10,271 | $11,122 | $74,832 |
| 54 | $74,832 | $748 | $10,374 | $11,122 | $64,459 |
| 55 | $64,459 | $645 | $10,478 | $11,122 | $53,981 |
| 56 | $53,981 | $540 | $10,582 | $11,122 | $43,399 |
| 57 | $43,399 | $434 | $10,688 | $11,122 | $32,710 |
| 58 | $32,710 | $327 | $10,795 | $11,122 | $21,915 |
| 59 | $21,915 | $219 | $10,903 | $11,122 | $11,012 |
| 60 | $11,012 | $110 | $11,012 | $11,122 | $0 |
EMI (Equated Monthly Installment) is the amount you pay every month to repay a loan. It includes both interest and principal repayment. At the start of the loan tenure, the interest portion is usually higher. Over time, the principal portion increases as the outstanding balance reduces.
An EMI calculator helps you estimate monthly repayments quickly so you can compare tenures, interest rates, and loan amounts before making a decision.
EMI depends mainly on three factors:
- Principal (P): the amount you borrow
- Interest rate (R): annual interest rate converted to monthly rate
- Tenure (N): number of monthly installments
Higher interest rate increases EMI. Longer tenure decreases EMI but increases total interest paid. That’s why an amortization schedule is useful — it shows how much you pay as interest over the full loan term.
Planning for 2026: Why EMI Calculations Matter
As you plan your financial goals for 2026 and beyond, understanding your debt-to-income ratio is crucial. Using our 2026 loan planner helps you visualize how interest rates impact your long-term savings. Always aim for an EMI that is no more than 40% of your take-home pay to maintain financial health.
How to Reduce Total Interest Paid?
Long-term loans are expensive due to the power of compounding interest. Here is how you can save lakhs on your home or car loan:
- Pre-pay when possible: Even one extra EMI paid every year can reduce a 20-year loan tenure by over 3 years.
- Partial Prepayments: Whenever you get a bonus or windfall, use it to pay down the principal. This reduces the interest calculated for all future months.
- Shorten Tenure: A 15-year loan has higher EMIs but significantly lower total interest compared to a 20-year loan.
Does EMI remain the same every month?
In most standard fixed-rate loans, EMI remains the same. However, floating rate loans can change the EMI if the interest rate changes.
Why is my interest portion higher in the beginning?
Because interest is calculated on the outstanding principal. Early in the loan, the outstanding amount is high, so interest is higher.
Is this EMI calculator accurate?
It uses the standard EMI formula. Actual loan costs may vary due to fees, insurance, and lender policies.
Can I reduce total interest?
Yes. Choosing a shorter tenure or making prepayments can reduce the overall interest paid.
Download PDF Schedule
Get a professional PDF of your loan amortization schedule.
Want to estimate affordability? Use Salary Calculator next.
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