ToolFoxEMI Calculator
Calculate your monthly EMI, total interest and total payment for home, car or personal loans.
- Monthly EMI
- ₹8,678
- Total interest
- ₹10,82,776
- Total payment
- ₹20,82,776
How it works
EMI (Equated Monthly Instalment) is the fixed amount you pay every month on a loan. It is computed as 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. Early instalments are mostly interest; later ones mostly principal.
Example
For a ₹10,00,000 home loan at 8.5% per year over 20 years (240 months), the monthly rate is 0.7083%. The formula gives an EMI of about ₹8,678 — ₹20,82,776 paid in total, of which ₹10,82,776 is interest.
Frequently asked questions
Does the EMI change during the loan?
For fixed-rate loans, no. For floating-rate loans the EMI or the tenure changes whenever the bank revises the rate.
What reduces EMI more — lower rate or longer tenure?
A longer tenure lowers the EMI but increases total interest sharply. A lower rate reduces both EMI and total interest.
Are processing fees included?
No. This calculator covers principal and interest only; one-time charges like processing fees are separate.
Is this accurate for any currency?
Yes — the formula is universal. Amounts are shown with Indian digit grouping but the maths is identical everywhere.
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