Equated Monthly Instalment (EMI) Calculator

What is the EMI Calculator?

An EMI calculator allows you to see how much EMI(Equated monthly instalment ) you'll pay every month on a loan and how much of that amount goes to interest versus the actual principal. EMI Calculator works for home loans, car loans, personal loans, and education loans. Banks like HDFC, SBI, and ICICI show you EMI figures, but they don't always break down the interest cost clearly. CalciHub's EMI calculator gives you the monthly payment, total interest paid over the loan tenure, and the complete repayment amount in simple calculation.

How Does EMI Calculator Work?

The EMI Calculator’s formula uses a reducing balance method. Your interest is calculated on the outstanding principal each month, not the original loan amount.

EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ – 1]

EMI = Fixed monthly payment amount or Equated monthly instalment

P = Principal loan amount

r = Monthly interest rate (annual rate ÷ 12 ÷ 100)

n = Loan tenure in months

How to Use CalciHub's EMI Calculator

1. Enter the loan amount in ₹.

2. Enter the annual interest rate (you'll find this in your loan offer letter or on the bank's website).

3. Enter the loan tenure in months or years.

4. Hit Calculate your EMI then total interest, and total repayment amount appear instantly.

Tip: Use the EMI Calculator before visiting the bank. Knowing your EMI range at earliest helps you negotiate tenure and interest rate confidently.

A Quick Example

Rahul from Pune is taking a home loan of ₹40 lakh from SBI at 8.5% per annum for 20 years.

Loan amount: ₹40,00,000

Interest rate: 8.5% per annum

Tenure: 20 years (240 months)

Monthly EMI: ₹34,710

Total interest paid: ₹43,30,400

Total repayment: ₹83,30,400

Rahul repays more than twice the loan amount over a 20-year period, and the EMI Calculator makes it clear how costly a long term may be.

Frequently Asked Questions