EMI calculator
Build your plan on the left. Watch it pay off on the right.
No Calculate button — every number updates as you type, and each figure traces back to a row in your schedule.
Your loan
What you owe today
Your prepayments
Lump sums or top-ups
Choose the outcome
Shorter loan or lower EMI
Results, live
No Calculate button
Your loan
What you owe today
Computed from the numbers above.
Your prepayment plan
Nothing scheduled yet
Add one below — a lump sum from a bonus, a small monthly top-up, or a yearly payment. Results update instantly.
What should prepaying do?
The single most important choice here
Advanced optionsPayment frequency, rate changes, fees — optional
Payment mechanics
Interest rate changes
The EMI is recomputed over the tenure remaining — tenure held, EMI moves. Check your bank's reset letter: on a floating-rate home loan many Indian lenders do the opposite.
Tax relief
Fees & charges
Usually zero — RBI bars these on floating-rate loans to individuals. Include any GST your lender adds.
Net benefit after fees
₹0
No fees entered, so the whole saving is yours.
Where you stand after
Side by side
Your loan with your plan, and without it
Two futures for the same loan. The right-hand column is the one you're building.
Interest you keep
₹0
add a prepayment to see the gap
Time you get back
—
no time saved yet
Every figure here is the last row of the matching schedule below — nothing is estimated separately.
Visual proof
Add a prepayment and watch this curve bend
The dashed line is your loan as it stands today.
Where each year's instalments go
Interest outweighs principal until 2038 — which is why a prepayment made before then removes the most.
What waiting costs you
What ₹5.00 L removes from your interest bill, by the date you pay it.
Paid now it removes ₹16.22 L. Wait twelve months and it removes ₹14.81 L — ₹1.40 L less for the same money.
Full detail
Every payment, to the rupee
240 payments across 21 years, every rupee accounted for
21 years match
| # | Date | Opening | EMI | Interest | Principal | Prepayment | Closing |
|---|---|---|---|---|---|---|---|
| ₹45,00,000 | ₹1,15,029 | ₹92,659 | ₹22,369 | — | ₹44,77,631 | ||
| ₹44,77,631 | ₹4,60,115 | ₹3,65,895 | ₹94,221 | — | ₹43,83,410 | ||
| ₹43,83,410 | ₹4,60,115 | ₹3,57,821 | ₹1,02,295 | — | ₹42,81,115 | ||
| ₹42,81,115 | ₹4,60,115 | ₹3,49,055 | ₹1,11,061 | — | ₹41,70,055 | ||
| ₹41,70,055 | ₹4,60,115 | ₹3,39,538 | ₹1,20,578 | — | ₹40,49,477 | ||
| ₹40,49,477 | ₹4,60,115 | ₹3,29,205 | ₹1,30,910 | — | ₹39,18,567 | ||
| ₹39,18,567 | ₹4,60,115 | ₹3,17,987 | ₹1,42,128 | — | ₹37,76,439 | ||
| ₹37,76,439 | ₹4,60,115 | ₹3,05,808 | ₹1,54,307 | — | ₹36,22,132 | ||
| ₹36,22,132 | ₹4,60,115 | ₹2,92,585 | ₹1,67,530 | — | ₹34,54,601 | ||
| ₹34,54,601 | ₹4,60,115 | ₹2,78,229 | ₹1,81,886 | — | ₹32,72,715 | ||
| ₹32,72,715 | ₹4,60,115 | ₹2,62,643 | ₹1,97,473 | — | ₹30,75,243 | ||
| ₹30,75,243 | ₹4,60,115 | ₹2,45,721 | ₹2,14,394 | — | ₹28,60,848 | ||
| ₹28,60,848 | ₹4,60,115 | ₹2,27,349 | ₹2,32,766 | — | ₹26,28,082 | ||
| ₹26,28,082 | ₹4,60,115 | ₹2,07,403 | ₹2,52,713 | — | ₹23,75,369 | ||
| ₹23,75,369 | ₹4,60,115 | ₹1,85,747 | ₹2,74,368 | — | ₹21,01,001 | ||
| ₹21,01,001 | ₹4,60,115 | ₹1,62,236 | ₹2,97,879 | — | ₹18,03,122 | ||
| ₹18,03,122 | ₹4,60,115 | ₹1,36,710 | ₹3,23,405 | — | ₹14,79,717 | ||
| ₹14,79,717 | ₹4,60,115 | ₹1,08,997 | ₹3,51,118 | — | ₹11,28,599 | ||
| ₹11,28,599 | ₹4,60,115 | ₹78,909 | ₹3,81,206 | — | ₹7,47,392 | ||
| ₹7,47,392 | ₹4,60,115 | ₹46,243 | ₹4,13,873 | — | ₹3,33,520 | ||
| ₹3,33,520 | ₹3,45,089 | ₹11,570 | ₹3,33,520 | — | ₹0 | ||
How we calculate
No black box. Six rules produce every number here.
The same six a lender applies to your account each month. Read them, check them against your statement, then trust the schedule.
Interest accrues on your opening balance each period. On the default settings — monthly payments, monthly compounding — that is your annual rate divided by twelve, which is standard reducing balance. Change the payment frequency and the rate is converted so your effective annual rate stays the same.
A prepayment goes entirely to principal. Nothing is applied to interest, which is why the next period costs you less.
No period ever pays more than the balance plus its interest, so the loan settles at exactly zero and can never go negative.
On a rate change the EMI is recomputed over the tenure remaining — tenure held, EMI moves.
Both futures are run through the same engine on the same rate path, so the comparison is fair.
Every headline figure is the last row of its schedule. Nothing on this page is estimated a second way.
Questions people ask
Why is my EMI mostly interest at the start?
Because interest is charged on the balance outstanding, and at the start the balance is at its largest. The instalment is level, so a bigger interest slice necessarily leaves a smaller principal slice. This is arithmetic, not a fee — and it is also why prepaying early is worth so much more than prepaying late.
Can I enter my own EMI instead of the calculated one?
Yes. Leave the EMI field on Auto and it is computed from your balance, rate and tenure; type a figure and that overrides it. Use the override whenever your statement disagrees with the computed figure — the whole schedule is then built on your lender's actual instalment rather than on a reconstruction of it.
Will a rate reset change my EMI or my tenure?
It depends on your lender, and you can model either. RBI's 2023 circular on resetting floating rates on EMI-based personal loans requires lenders to offer, at a reset, a higher EMI, a longer tenure or a combination of the two, and the option to prepay — and a longer tenure must not cause negative amortisation, where the balance grows because the EMI no longer covers the interest. Add the new rate as a rate change under Advanced options and choose whether it keeps your EMI or your tenure.
What should I enter as the outstanding balance?
What you still owe today, from your latest statement — not the amount you originally borrowed. This is the single most common mistake, and it changes every number on the page.
Will my bank charge me to prepay?
On a floating-rate home loan to an individual, almost certainly not. Longstanding RBI guidance already barred foreclosure and prepayment charges on floating-rate home loans to individual borrowers, and the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025 widened that for loans sanctioned or renewed on or after 1 January 2026 — for individuals borrowing for purposes other than business, irrespective of the source of the funds, with or without a co-obligant, and with no minimum lock-in. Fixed-rate loans are treated differently and may still carry a charge, calculated on the amount you prepay. Check your sanction letter and your lender's current schedule of charges, then enter anything that applies — including any GST the lender adds to it — under Advanced options, and the net benefit updates. Verified against the 2025 Directions on 10 September 2026.
Why does my bank's number differ slightly?
This calculator uses the standard monthly reducing balance — interest at your annual rate divided by twelve, on the balance at the start of each month — and a prepayment takes effect from your next scheduled payment. Some lenders compute interest on a daily reducing balance with monthly rests, and credit a prepayment on the day you make it. Either way you will save a little more than shown, and the difference is small: at most about one month of interest on the amount prepaid.
Where does my data go?
Nowhere. Every calculation runs in your browser. There is no account, no tracking of your loan values, and no server round-trip to compute any of this.
Why you can check this one
Independent
Not a lender, not a broker, not affiliated with anyone who is. Nothing here is ranked by what it pays us, because nothing pays us. There are no ads and no lead generation.
Checkable
Every figure is the last row of a schedule you can expand, read and download. The rules the engine follows — the rate conversion, the rounding points, how a prepayment is timed — are published in full, along with every place we knowingly differ from a lender.
Honest about limits
It models the loan, not your life. It does not know your lender's exact day-count conventions, your emergency fund or your tax position — and it will tell you when prepayment costs more than it saves rather than showing you a zero.
Nothing you type is sent anywhere. No account, no tracking of your loan details, nothing stored on a server. How that works.
Read the full methodology — the exact rate conversion, where rounding is applied, how we time a prepayment, and every choice we make differently from a lender, with the reasoning for each.
In plain terms
How the EMI is calculated, and why yours may differ
One formula produces the instalment. Four things make a lender's figure land somewhere else.
An EMI is the level payment that clears a balance over a fixed number of periods at a fixed periodic rate. It comes from the standard annuity formula — the same one behind a spreadsheet's PMT function — and on a monthly reducing-balance loan the periodic rate is simply your annual rate divided by twelve. Nothing about the EMI itself is proprietary; every lender computes the same number from the same three inputs.
The instalment stays level, but its composition does not. Early on, most of it is interest, because interest is charged on a large outstanding balance. As the balance falls, the interest share falls and the principal share rises, slowly at first and then quickly. On a twenty-year loan at typical Indian rates, the crossover — the month where principal first exceeds interest — usually arrives somewhere past the halfway mark. The yearly split chart on this page shows exactly where yours falls.
Four things commonly explain a gap between this figure and your lender's. You may be entering the sanctioned amount rather than what you still owe. Your tenure may be counted from disbursement rather than from today. Your loan may have had a rate reset that moved the EMI or the tenure. Or your lender may round the instalment to the nearest rupee or ten. If your statement shows a different EMI, enter it directly in the EMI field — the override wins, and the schedule is rebuilt around your real instalment.
- Formula
- EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r is the monthly rate and n the number of months.
- Monthly rate
- Annual rate ÷ 12 on a monthly reducing-balance loan, which is the Indian standard.
- What moves it
- Only the balance, the rate and the remaining tenure. Nothing else.
How it's calculated
The working behind the number
This home loan EMI calculator finds the level monthly instalment that clears what you owe today over the tenure you have left, at your annual rate divided by twelve, using the standard annuity formula. It then builds the full schedule from that EMI, splitting each payment into interest on the opening balance and principal. If your statement shows a different EMI, type it in and the schedule is rebuilt around your figure.
Formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- EMI
- The monthly instalment, rounded to the paisa.
- P
- The outstanding balance — what you owe today, not the amount you originally borrowed.
- r
- The monthly rate: your annual rate ÷ 12, as a decimal. 8.25% a year is 0.006875 a month.
- n
- The number of monthly payments remaining.
Assumptions and limits
- Interest is charged monthly on the reducing balance, at the annual rate ÷ 12 — the basis of the formula.
- The EMI is rounded to the paisa, and the final instalment is trued up so the balance ends at exactly zero.
- The rate holds for the whole tenure unless you add a rate change, which applies from the first EMI on or after its date.
- Lenders that compute interest daily, or round the EMI to the rupee, will show a slightly different figure.
A worked example
Take ₹45,00,000 outstanding at 8.25% a year, with 20 years (240 monthly payments) of tenure left.
- Monthly rate r = 8.25% ÷ 12 = 0.6875%.
- EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1) = ₹38,343 a month over 240 payments.
- The first payment splits into ₹30,938 of interest and ₹7,405 of principal.
Over the whole tenure you pay ₹47.02 L in interest on ₹45.00 L borrowed.
Computed by the calculator on this page, from the figures it opens with.
Sources
- RBI, Key Facts Statement for Loans & Advances (RBI/2024-25/18, 15 April 2024): for retail and MSME term loans sanctioned on or after 1 October 2024 the KFS must include the amortisation schedule and an APR computation sheet — checked 10 September 2026
- RBI, Reset of Floating Interest Rate on EMI-based Personal Loans (RBI/2023-24/55, 18 August 2023): at a reset, the option of a higher EMI, a longer tenor or both, and to prepay; a longer tenor must not cause negative amortisation — checked 10 September 2026
By The CutYears team · Last reviewed 10 September 2026 · Full methodology