EMI Calculator — home, car and personal loans
Enter the loan amount, interest rate and tenure to see your monthly EMI, the total interest you will pay, and how much of the first year goes to interest.
Over the whole loan
🎈 In today’s money at 6% inflation
How it is calculated
Indian banks charge EMI on a reducing balance: interest each month is on what you still owe, so early EMIs are mostly interest and later ones mostly principal.
The EMI stays the same every month; only its split between interest and principal changes.
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1) P = loan amount, r = annual rate ÷ 12 ÷ 100, n = months
Questions
How is EMI calculated in India?
On a reducing balance, with the formula above. Each month the interest is worked out on the outstanding principal, and the rest of the EMI repays principal.
How does inflation affect my EMI?
The EMI stays fixed while prices and pay usually rise, so each later EMI is lighter in real terms. The calculator shows the whole loan and the last EMI in today’s money at the inflation rate you set.
Does a longer tenure reduce EMI?
Yes, but it raises the total interest a lot. A 30-year loan has a smaller EMI than a 20-year one and costs much more overall.
What is a flat rate, and why is it misleading?
A flat rate charges interest on the full loan for the whole tenure. “12% flat” for 3 years is roughly 21% on a reducing basis. Spendly shows the reducing-rate equivalent when you add a flat-rate loan.
Can I track my EMIs and prepayments?
Yes. Spendly keeps each loan’s schedule, marks instalments paid, shows the principal and interest split and the effect of a prepayment.