EMI Calculator
Calculate your monthly loan EMI, total interest and total repayment amount instantly.
Loan details
Enter your loan amount, interest rate and repayment tenure.
Principal vs interest
Amortization schedule
See how your principal and interest change during loan repayment.
| Period | Principal | Interest | Payment | Balance |
|---|---|---|---|---|
| Year 1 | ₹1,74,945 | ₹59,849 | ₹2,34,794 | ₹8,25,055 |
| Year 2 | ₹1,86,661 | ₹48,133 | ₹2,34,794 | ₹6,38,394 |
| Year 3 | ₹1,99,162 | ₹35,632 | ₹2,34,794 | ₹4,39,232 |
| Year 4 | ₹2,12,500 | ₹22,293 | ₹2,34,794 | ₹2,26,732 |
| Year 5 | ₹2,26,732 | ₹8,062 | ₹2,34,794 | ₹0 |
EMI Calculator Online
Use the free DommyTools EMI Calculator to calculate your monthly loan EMI, total interest and total repayment amount. Enter your loan amount, interest rate and repayment tenure to get an instant estimate.
This online EMI calculator can be used for home loans, personal loans, car loans, education loans and other loans that use a reducing-balance repayment method.
How to Use the EMI Calculator
- Enter your loan amount.
- Enter the annual interest rate.
- Select your loan repayment tenure.
- Adjust the sliders to compare different loan values.
- Check your monthly EMI, total interest and total repayment amount.
What is EMI?
EMI stands for Equated Monthly Instalment. It is the amount a borrower generally pays every month to repay a loan over a specified period. Each EMI includes a principal component and an interest component.
EMI Formula
The calculator uses the standard reducing-balance EMI formula:
EMI = P × R × (1 + R)N ÷ ((1 + R)N − 1)
P represents the principal loan amount, R represents the monthly interest rate and N represents the total number of monthly instalments.
Why Use an EMI Calculator?
- Estimate your monthly loan payment.
- Understand your total interest cost.
- Compare different loan tenures.
- Compare different interest rates.
- Plan your monthly budget.
Frequently Asked Questions
Is this EMI calculator free?
Yes. The DommyTools EMI Calculator is free to use online.
Can I calculate home loan EMI?
Yes. Enter your home loan amount, interest rate and repayment tenure to estimate your monthly EMI.
Can I calculate personal loan EMI?
Yes. You can use the calculator to estimate personal loan EMI and other reducing-balance loans.
Does a longer tenure reduce EMI?
A longer repayment tenure generally reduces the monthly EMI but can increase the total interest paid over the loan period.
What does the chart show?
The donut chart shows how your total repayment amount is divided between the original principal and interest.