Calculate your monthly loan installment, total interest, and total payment amount.
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Monthly EMI
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Total Interest
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Total Payment
Principal Interest
What is an EMI Calculator?
An EMI (Equated Monthly Installment) calculator determines the fixed monthly payment required to fully repay a loan over a specified period. Each EMI payment consists of two parts: a portion that goes toward repaying the principal, and a portion that covers the interest charged by the lender.
Knowing your EMI before you take a loan helps you plan your budget, compare loan offers, and decide on the ideal tenure. A longer tenure reduces monthly payments but increases the total interest paid over the loan's life.
How to Use
1Enter the Loan Amount (principal).
2Enter the Annual Interest Rate in percent.
3Enter the Loan Tenure in years or months.
4Click Calculate EMI to see your monthly installment, total interest, and total payment.
Formula
EMI = P × r × (1 + r)^n
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(1 + r)^n − 1
Where:
P = Principal loan amount
r = Monthly interest rate = Annual rate ÷ 12 ÷ 100
n = Loan tenure in months
Total Payment = EMI × n
Total Interest = Total Payment − P
Example: $10,000 loan, 8.5% per year, 5 years
r = 8.5 ÷ 12 ÷ 100 = 0.007083
n = 60 months
EMI ≈ $205.17
Frequently Asked Questions
EMI (Equated Monthly Installment) is the fixed monthly amount you pay to repay a loan. Each payment covers both the principal and the accrued interest for that month.
Yes. A longer tenure lowers your monthly EMI but significantly increases the total interest you pay over the loan's life. A shorter tenure means higher EMI but lower total cost.
Most lenders allow partial prepayment. Making extra payments reduces the outstanding principal, which lowers the total interest and can either reduce future EMIs or shorten the tenure.
Yes. The EMI formula applies to all reducing-balance loans including home loans, car loans, and personal loans. Just enter the specific loan amount, rate, and tenure for each loan type.
EMI uses a reducing-balance method where interest is calculated on the outstanding principal each month. Simple interest calculates interest on the original principal for the entire tenure, resulting in a flat (and typically higher) total interest for the same rate and period.