EMI for a 1,000,000 loan at 8% for 20 years
Monthly EMI on a 1,000,000 loan at 8% annual interest over 20 years is 8,364.4. Total interest 1,007,456.17, total payable 2,007,456.17.
8,364.4 per month
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Full breakdown
| Monthly EMI | 8,364.4 |
| Number of payments | 240 |
| Total interest | 1,007,456.17 |
| Total amount payable | 2,007,456.17 |
| Interest as % of principal | 100.7% |
Step-by-step working
- Monthly rate r = 8% ÷ 12 ÷ 100 = 0.006667
- Number of months n = 20 × 12 = 240
- EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1) = 8,364.4
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
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