EMI Calculator
Calculate your Equated Monthly Installment (EMI) for loans.
Loan Details
Amortization Schedule
| Year | EMI Paid | Principal | Interest | Balance |
|---|
Our EMI Calculator helps you estimate your monthly loan installment in seconds, so you can plan repayment before you borrow. Whether you are comparing offers in India, checking a mortgage-style loan in the USA, or planning any standard reducing-balance loan globally, the calculation logic remains practical and transparent. Use it to understand affordability, total interest outgo, and the impact of changing tenure or rate.
What is an EMI Calculator?
An EMI (Equated Monthly Installment) Calculator is a planning tool that shows the fixed monthly amount you repay for a loan. Every EMI includes both interest and principal, with a larger interest share in early months and a larger principal share later. It helps borrowers compare lenders, select the right tenure, and avoid over-committing their monthly cash flow.
EMI Formula
- P = Loan principal amount
- r = Monthly interest rate (annual rate / 12 / 100)
- n = Total number of monthly installments
Benefits of using this calculator
- Instantly estimates your monthly repayment obligation
- Shows how tenure changes total interest payable
- Makes lender offer comparison objective and faster
- Helps keep EMI within a safe share of monthly income
- Supports better budgeting before loan approval
How to use the EMI Calculator
- Enter your loan amount (principal).
- Enter the annual interest rate offered by the lender.
- Select the repayment tenure in months or years.
- Review EMI, total interest, and total repayment to decide.
Worked example
Given: Loan amount = Rs 10,00,000, Annual interest = 9%, Tenure = 5 years (60 months).
Monthly rate r = 9/12/100 = 0.0075, and n = 60.
Using the EMI formula, monthly EMI comes to approximately Rs 20,758.
Total payment over 60 months is about Rs 12,45,480, so total interest is roughly Rs 2,45,480.
Things to know before deciding
- A lower EMI with longer tenure usually means higher total interest.
- Processing fees and insurance are separate from EMI in most cases.
- Part-prepayments can reduce either EMI or tenure depending on lender rules.
- Floating rates can change future EMI or repayment period.