Skip to content
Finance · Popular

EMI Calculator

Free online EMI calculator. Calculate your Equated Monthly Installment (EMI) for home, car, and personal loans instantly.

Monthly EMI

—

Principal

—

Interest

—

Total

—

Principal —
Interest —
Amortization schedule preview
Month EMI Principal Interest Balance
Prepayment simulator

See how paying extra each month reduces tenure and total interest.

Months saved

0

Interest saved

$0

New tenure

—

Compare two scenarios

Adjust values above to compare

Method

How this calculator works

The reducing-balance EMI formula assumes interest accrues monthly on the remaining balance. Each instalment is identical, but the principal/interest split changes every month.

EMI = P × r × (1 + r)ⁿ
      ──────────────────
        (1 + r)ⁿ − 1

P = principal
r = annual rate / 12 / 100   (monthly rate)
n = tenure in months
  1. Enter the principal (loan amount), annual interest rate, and tenure in months.
  2. The calculator converts the annual rate into a monthly rate (rate ÷ 12 ÷ 100).
  3. It applies the reducing-balance EMI formula to compute the fixed monthly payment.
  4. Total payment = EMI × number of months. Total interest = total payment − principal.
  5. A month-by-month amortization schedule is built so you can see the principal/interest split.

Examples

Worked examples

Real numbers, end-to-end results.

$50,000 · 8% · 120 months

EMI $606.64 · Interest $22,797

Standard 10-year personal loan profile.

$300,000 · 7% · 360 months

EMI $1,995.91 · Interest $418,527

A typical 30-year mortgage. Notice interest exceeds the principal.

$15,000 · 4.5% · 60 months

EMI $279.62 · Interest $1,777

Short-tenure car loan — interest stays low.

Use cases

When to use it

  • Plan a home, car, education, or personal loan before signing.
  • Compare offers from different lenders by changing only the rate or tenure.
  • See how a slightly shorter tenure reduces total interest dramatically.
  • Forecast your monthly cash-flow commitment.
  • Build amortization schedules for accounting or tax purposes.

Enter values in your preferred currency. Results are returned in the same currency.

Disclaimer: This calculator provides estimates for informational and educational purposes only. It is not a substitute for professional financial advice, tax planning, or investment guidance. Always consult a qualified financial advisor or accountant for decisions affecting your finances.

Sources: Uses standard reducing-balance amortization formula. Monthly payment computed via P×r×(1+r)^n / ((1+r)^n−1).

FAQ

Frequently asked questions

What does EMI stand for?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
How is EMI calculated?
EMI is calculated using the reducing balance method: EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1].
Does EMI include both principal and interest?
Yes, every EMI payment pays off a portion of the principal amount and the interest accrued.
What happens if I increase my loan tenure?
Increasing the loan tenure will lower your monthly EMI, but you will pay significantly more total interest over the life of the loan.
Can I prepay my EMI?
Most lenders allow prepayment or part-payment, which reduces your principal balance and consequently lowers future EMIs or reduces the tenure.
Methodology, assumptions & limitations

How we calculate: This calculator uses standard, peer-reviewed mathematical formulas implemented in TypeScript. All calculations run entirely in your browser — no data is sent to any server.

Assumptions: Unless stated otherwise, calculations assume constant rates over the specified period, no taxes or fees beyond those explicitly input, and standard compounding conventions for the formula type.

Limitations: Results are estimates for planning purposes. Real-world outcomes may differ due to variable rates, regulatory changes, taxes, fees, inflation, or other factors not modeled. This tool does not constitute financial, tax, or investment advice.

When NOT to use this: Do not rely solely on this calculator for major financial decisions such as mortgages, retirement planning, or tax filing without consulting a qualified financial advisor or accountant.

Feedback: Found an error or have a suggestion? Contact us — we review and correct reported issues within 48 hours.

Deep Dive Guide

Emi Guide

Comprehensive guide for emi.

Read Full Guide

Related calculators

All Finance →

Loan

Calculate monthly loan payments, total interest, and view full amortization schedule

Car Loan

Calculate car loan payments including trade-in, tax, and total cost of ownership

Mortgage

Calculate monthly mortgage payments, total interest, and amortization for home loans

Amortization Schedule Calculator

Generate a complete amortization schedule for your loan

APR

Calculate Annual Percentage Rate including fees and compare true loan costs

Auto Refinance

Calculate how much you can save by refinancing your car loan to a lower interest rate

Explore more:Finance calculators·All 300+ calculators