EMI Calculator

Overview

Calculate the Equated Monthly Installment (EMI) for a home loan, car loan, or personal loan. See your monthly payment, total interest, total payment, and a full year-by-year amortization schedule — instantly, with no data leaving your browser.

EMI Formula

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)

Where:

• P = Principal loan amount
• r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
• n = Loan tenure in months

How to use this calculator

1. Pick a loan type (or use Custom) to start from a typical interest rate.
2. Enter the loan amount, annual interest rate, and tenure.
3. Your monthly EMI, total interest, and total payment update instantly.
4. Expand the amortization schedule to see how much of each year's payments go toward principal vs. interest.

Tips for lower EMIs

• Longer tenure lowers your monthly EMI but increases total interest paid over the life of the loan.
• Prepaying even a small extra amount early in the loan term reduces total interest significantly, since more of the outstanding balance is principal early on.
• Comparing lenders: even a 0.5% difference in interest rate can change total interest paid by a meaningful amount over a 15-20 year home loan.