EMI calculator with the full schedule
Enter the loan amount, interest rate and tenure to see your monthly EMI, the total interest and a year-by-year and month-by-month schedule. Try an extra monthly payment to see what you save.
- Free, no sign-up
- Worked out in your browser
- Excel download
Home, car, personal and education loans · Excel schedule
How to use the EMI Calculator
- Enter the loanType the loan amount, the yearly interest rate and the tenure in years or months.
- Set the first EMI monthPick when the EMIs start, so the schedule shows real months and years.
- Try an extra paymentAdd an amount you could pay on top of the EMI each month to see the interest saved and how much sooner the loan ends.
- Download the scheduleSave the summary, the monthly schedule and the yearly totals as Excel, or the schedule as CSV.
Why use this emi calculator
An EMI (equated monthly instalment) stays the same each month, but what it pays for changes. Early on, most of it goes to interest; later, most of it repays the loan. That is why paying a little extra in the first years saves the most interest.
The EMI is worked out as P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r the monthly rate and n the number of months. Your bank’s numbers can differ slightly because of exact dates, a floating rate or rounding.
- Standard EMI formulaThe reducing-balance method banks use, with monthly rests.
- Month-by-month scheduleEMI, principal, interest and balance for every payment.
- Year-by-year chartSee how the interest part shrinks as the loan gets older.
- Prepayment effectInterest saved and months cut by paying a little extra each month.
- Excel downloadSummary, monthly and yearly sheets with proper number formats.
Questions people ask
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the yearly rate divided by 12 and by 100, and n is the number of months.
What is the EMI on a ₹25 lakh home loan at 8.5% for 20 years?
About ₹21,696 a month, with total interest of about ₹27 lakh over 20 years. Use the calculator for your exact numbers.
Does paying extra each month really help?
Yes. Extra payments reduce the balance directly, so less interest is charged every month after that and the loan ends sooner. Check your bank’s prepayment rules first.
Why is my bank’s EMI slightly different?
Banks may count interest by exact days, change floating rates during the loan or round differently.
Can I use it for car, personal or education loans?
Yes. The formula is the same for any loan with fixed monthly instalments.
More free tools
All 26 tools- Income Tax CalculatorNew vs old regime for 2026-27
- Salary Calculator (CTC to In-hand)Turn your CTC into monthly take-home pay
- GST CalculatorAdd or remove GST, CGST, SGST and IGST
- GST Invoice GeneratorMake a GST invoice PDF in minutes
- Background RemoverCut out people and portraits in one click
- AI Photo EnhancerUpscale photos, logos and text 2× or 4×
From the H View blog
H View money tools work out every number in your browser, so nothing you type is sent to H View. They are estimates to help you plan, based on the rules described on this page as of October 2026, and are not tax, legal or financial advice. Check important decisions with a chartered accountant or your bank. Need a custom calculator or a GST billing system for your business? Talk to the H View team.
Our best stories, in your inbox.
The week’s best Her View, His Insight reading in one short, useful note.
Free. We only use your email to send The H View Brief. Unsubscribe any time.