EMI Calculator
Calculate Home Loan, Personal Loan and Car Loan EMI instantly.
Plan your loan EMI before you borrow
Use this free calculator to estimate monthly EMI, total interest, and repayment schedule for home, personal, and car loans — then speak to Future Tax about how interest may interact with your ITR.
Planning uses the standard Future Tax EMI formula (same reducing-balance method as before).
Visual break-up
Payment Break-up & Yearly Chart
Repayment schedule
Amortization Schedule
| Year / Month | Principal | Interest | Total Payment | Outstanding Balance | Loan Paid % |
|---|
Want to download or share your EMI calculation?
EMI formula
How EMI is Calculated
Banks in India typically use the reducing-balance EMI formula below. This page uses the same formula as the existing Future Tax EMI tool.
E = P × r × (1 + r)n / ((1 + r)n − 1)
- E — Monthly EMI
- P — Principal loan amount
- r — Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n — Loan tenure in months
r = 10.5 / 12 / 100 = 0.00875
EMI ≈ ₹13,493 · Total payable ≈ ₹16,19,220 · Interest ≈ ₹6,19,220
Guide
How to Use This EMI Calculator
- Enter loan amount — Type or use the slider for principal.
- Select interest rate — Enter the annual rate offered by your lender.
- Select tenure — Switch between years and months as needed.
- View EMI instantly — Monthly EMI, interest, charts, and schedule update live.
- Download report — Print, export CSV/Excel-friendly file, copy, or share.
FAQ
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay every month toward a loan. Each EMI includes both principal and interest components.
How is EMI calculated?
EMI is calculated from the loan principal, monthly interest rate, and tenure in months using the standard reducing-balance formula used by banks in India.
What is the EMI formula?
E = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is principal, r is monthly interest rate, and n is tenure in months.
What is the difference between Home Loan and Personal Loan EMI?
Home loans usually have lower interest rates and longer tenures (up to 20–30 years). Personal loans have higher rates and shorter tenures, so EMI forms a larger share of interest early on.
What are the benefits of an EMI calculator?
It helps you compare loan options instantly, estimate total interest, plan tenure, and prepare for tax discussions (for example home-loan interest under Section 24(b)).
Is this calculator official tax or loan advice?
No — it is a planning estimate only. Bank EMI and tax treatment can differ. For CA-reviewed advice, call Future Tax +91 94454 38387.
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Need help choosing a loan or understanding tax on interest?
Future Tax · Singanallur, Coimbatore