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finance100% Browser-BasedNo SignupUpdated Aug 2026

EMI Calculator

A premium EMI Studio for home loans, car loans, personal loans and education loans. Enter the loan amount, interest rate and tenure to get your exact monthly EMI, total interest and true all-in cost — including any processing fee. Explore the full month-by-month amortization schedule, visualize the principal-versus-interest split and the declining balance on interactive charts, simulate a one-time prepayment to see how many months and how much interest you can save, and export the schedule to CSV. Every calculation runs entirely in your browser — your financial data never leaves your device.

Loan Details

Results update instantly as you type

Typical rate: 8.0 – 9.5% p.a. — rate selected automatically, adjust anytime.

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All calculations run in your browser. Your loan details never leave your device.

Monthly EMI

₹21,696

240 monthly payments · 0.71% p.m.

Principal48.0%
Interest52.0%

Principal

₹25.00 L

₹25,00,000

Total Interest

₹27.07 L

₹27,06,939

Total Payment

₹52.07 L

₹52,06,939

All-in Cost

₹52.19 L

incl. ₹12,500 fee

Balance over time

Start: ₹25.00 LPayoff: ₹0

Prepayment simulator

A one-time prepayment of ₹1,00,000 after 12 payments:

Reduce Tenure

Same EMI · shorter loan

EMI (unchanged)

₹21,696

Loan closes

219 mo

vs 240 mo

Months saved

21

Interest saved

₹3,64,713

Amortization schedule

240 payments
#PaymentPrincipalInterestBalance
1₹21,696₹3,987₹17,708₹24,96,013
2₹21,696₹4,015₹17,680₹24,91,997
3₹21,696₹4,044₹17,652₹24,87,953
4₹21,696₹4,073₹17,623₹24,83,881
5₹21,696₹4,101₹17,594₹24,79,779
6₹21,696₹4,130₹17,565₹24,75,649
7₹21,696₹4,160₹17,536₹24,71,489
8₹21,696₹4,189₹17,506₹24,67,300
9₹21,696₹4,219₹17,477₹24,63,081
10₹21,696₹4,249₹17,447₹24,58,832
11₹21,696₹4,279₹17,417₹24,54,553
12₹21,696₹4,309₹17,386₹24,50,244

Showing 1–12 of 240

1 / 20

The prepayment decision most EMI calculators skip

Reduce-tenure and reduce-EMI put the same extra payment to very different use.

Almost every loan calculator will tell you your monthly EMI. Far fewer answer the question that actually saves money: if you have extra cash, should you use it to pay down the loan faster (reduce tenure) or to lower your monthly payment (reduce EMI)? Those are genuinely different outcomes from the same rupee, and this calculator lets you simulate both before you commit.

How to use it

  1. Pick a loan type preset — Home, Car, Personal, or Education — to start from a typical rate, or enter your own loan amount, interest rate, and tenure directly.
  2. Add a processing fee if your lender charges one, so the "true cost" figure reflects what you actually pay, not just principal plus interest.
  3. Read your monthly EMI, total interest, and total repayment in the summary, then open the full month-by-month amortization schedule to see exactly how much of each payment goes to principal versus interest.
  4. Add a prepayment: either a one-time lump sum on a specific month, or a recurring monthly extra amount.
  5. Choose the prepayment strategy — reduce tenure (keep the EMI the same, finish the loan sooner) or reduce EMI (keep the tenure the same, lower the monthly payment) — and compare the interest saved and months shaved off under each.
  6. Export the amortization schedule to CSV if you want to keep a copy or check it against your lender's own statement.

Common use cases

  • Comparing loan offers — entering the same amount and tenure at two different lenders' quoted rates to see the actual EMI and total-interest difference in rupees, not just percentage points.
  • Deciding what to do with a bonus or windfall — simulating a lump-sum prepayment under both strategies to see whether finishing the loan sooner or lowering the monthly burden matters more for your situation.
  • Planning a recurring extra payment — checking how much interest a modest additional monthly amount actually saves over the life of a long-tenure home loan.
  • Reconciling with your lender's statement — using the exported amortization schedule to verify a bank's numbers match what the stated rate and tenure should actually produce.

Frequently Asked Questions

Everything you need to know about EMI calculations and ForgePlug's calculator

How is my EMI calculated?
EMI (Equated Monthly Instalment) is calculated with the standard amortization formula: EMI = P × r × (1+r)^n / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. This ensures every instalment covers the month's interest first, with the remainder reducing the principal.
What does 'reduce tenure' prepayment mean?
When you make a one-time prepayment on your loan, the bank gives you two options. 'Reduce tenure' keeps your EMI exactly the same and shortens the loan period — this saves the most interest overall. 'Reduce EMI' keeps the tenure the same but lowers your monthly payment. Our prepayment simulator lets you switch between both strategies — or pick 'Compare both' to see them side by side — and shows exactly what changes: the months or the monthly payment you save, along with the total interest saved either way.
Can I simulate recurring monthly prepayments?
Yes. Switch the prepayment type to 'Monthly' and enter an extra amount you can afford every month plus the payment number to start from. Under the reduce-tenure strategy the extra is applied to the principal each month, so the loan closes early and you can see exactly how many months and how much interest you save. Under the reduce-EMI strategy the EMI drops by the extra amount, keeping your total monthly outlay the same and the loan on schedule.
How much interest do I pay over the full loan term?
Total interest = (EMI × number of months) − loan amount. On a typical 20-year home loan of ₹25 lakh at 8.5%, you would pay roughly ₹28 lakh in interest alone — often more than the principal. Shortening the tenure or prepaying early dramatically reduces this number, which is exactly what the calculator's charts and prepayment tool help you visualise.
Does the calculator include the processing fee?
Yes. Enter the processing fee percentage (typically 0.5%–1% of the loan amount) and the calculator shows it as a separate one-time cost, plus a true 'all-in cost' that adds the fee to the total payments. This gives you a fairer comparison between lender offers.
Why does my lender's EMI quote differ slightly?
Banks may use slightly different conventions: some round the EMI to the nearest rupee, some quote a reducing balance with daily interest for personal loans, and some add a tiny margin to the base rate you were quoted. Our calculator uses the exact standard formula, so any difference is usually just rounding or rate variation — check the exact annual rate in your sanction letter.
Is my financial information stored anywhere?
No. Every calculation runs entirely in your browser using client-side JavaScript. Your loan amount, interest rate, and tenure are never sent to or stored on any server. The amortization schedule you export is generated locally on your device.

Guides & Articles

Learn how to get the most out of this tool with our in-depth guides.

Finance Guides6 min

How Mortgage Amortization Works and When Extra Payments Help

Your early EMI payments are almost all interest — that's amortization, and understanding it is the key to deciding whether prepayment actually saves you money.

Aug 2026
Finance6 min

EMI Explained: How Loan Payments Are Calculated

Every loan payment is part principal, part interest. Understand the EMI formula, how prepayment affects your total cost, and how to compare loans fairly.

Jul 2026

Tool Overview

A closer look at EMI Calculator — how it works, who it's for, and where it fits in your workflow.

An EMI (Equated Monthly Instalment) is the fixed amount you repay every month on a loan, and it is deceptively easy to underestimate its total cost. The EMI Calculator turns your loan details — amount, interest rate, tenure, and processing fee — into a clear monthly figure plus the two numbers lenders rarely quote: total interest and the true all-in cost. Because results update instantly as you type, you can compare a 15-year versus 20-year home loan, or a personal loan at two different rates, in seconds.

Beyond the headline EMI, the calculator opens the hood on amortization — how each instalment is split between interest and principal. The month-by-month schedule shows your balance shrinking from the first payment to the last, and the charts make the long-term picture visible: on a typical 20-year loan, interest often exceeds the principal. The prepayment simulator models either a one-time lump sum or a recurring monthly extra payment under whichever strategy suits you — reduce-tenure keeps your EMI unchanged and shortens the loan, while reduce-EMI keeps the tenure and lowers your monthly payment. Switch between the two or hit 'Compare both' to see them side by side: the months saved against the monthly payment reduced, with the interest saved on each path. A tool that can save lakhs over the life of a loan.

Loan details are sensitive, so every calculation runs entirely in your browser. Nothing you enter is uploaded or stored, the tool works offline after load, and you can export the full amortization schedule to CSV for your records or your lender — no account required.

Key Features

Everything you get with this tool, at a glance.

Instant EMI

Monthly payment, total interest, and all-in cost update live as you type.

Full Amortization Schedule

Month-by-month principal/interest split for the entire loan term.

Prepayment Simulator

Model a lump-sum prepayment with reduce-tenure or reduce-EMI strategies.

CSV Export

Download the complete schedule for spreadsheets or lender comparisons.

Loan-Type Presets

Home, car, personal, and education loans with typical rate presets.

Private by Design

All figures are computed locally — no financial data is uploaded.

How to Use EMI Calculator

Get from zero to done in four quick steps — no account, no learning curve.

  1. Enter loan details

    Type the loan amount, annual interest rate, and tenure in years and months — or pick a tenure chip.

  2. Choose your loan type

    Select home, car, personal, or education loan to auto-fill a typical rate, then adjust as needed.

  3. Add the processing fee

    Enter the fee percentage to see the true all-in cost including one-time charges.

  4. Simulate a prepayment

    Enter a lump-sum amount and the payment month, then compare the reduce-tenure and reduce-EMI strategies side by side — months saved versus monthly payment reduced.

  5. Review & export

    Study the amortization schedule, then export it to CSV for your records.

Practical Examples

Real input and output pairs so you know exactly what to expect.

₹25L home loan at 8.5% for 20 years

Input

₹25,00,000 · 8.5% p.a. · 20y · 0.5% fee

Output

EMI ≈ ₹21,699 · Interest ≈ ₹27,07,000 · All-in ≈ ₹52,19,000

₹10L car loan at 9% for 5 years

Input

₹10,00,000 · 9% p.a. · 5y

Output

EMI ≈ ₹20,758 · Total interest ≈ ₹2,45,000

₹5L prepayment saves years

Input

₹25L · 8.5% · 20y + ₹5L prepay after 60 payments

Output

Loan closes ~5 years early · ~₹8,00,000 interest saved

Guides & Articles

Learn how to get the most out of this tool with our in-depth guides.

Finance Guides6 min

How Mortgage Amortization Works and When Extra Payments Help

Your early EMI payments are almost all interest — that's amortization, and understanding it is the key to deciding whether prepayment actually saves you money.

Aug 2026
Finance6 min

EMI Explained: How Loan Payments Are Calculated

Every loan payment is part principal, part interest. Understand the EMI formula, how prepayment affects your total cost, and how to compare loans fairly.

Jul 2026

Part of Finance & Calculations

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