EMI Calculator
Calculate the monthly EMI, total interest and total payment for any loan.
- Principal
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- Total interest
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- Total payment
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What is EMI?
EMI stands for Equated Monthly Instalment — the fixed amount you repay every month on a loan until it is fully paid off. Each EMI covers part of the interest and part of the principal. Early EMIs are mostly interest; later ones are mostly principal.
The EMI formula
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P
is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and
n is the number of monthly instalments. This calculator does the maths for you.
How to use the EMI Calculator
- Enter the loan amount. Type the principal you plan to borrow.
- Enter the interest rate. Use the annual rate offered by your lender.
- Set the tenure. Choose the repayment period in years or months.
- Read your result. See the monthly EMI, total interest and total payment update instantly.
Frequently asked questions
Does a longer tenure reduce my EMI?
Yes — a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.
Is the interest rate monthly or yearly?
Enter the annual (yearly) rate your lender quotes. The calculator converts it to a monthly rate internally.
Does this calculator store my data?
No. The calculation runs entirely in your browser; nothing you enter is sent to or stored on a server.
Can I use it for home, car and personal loans?
Yes. The EMI formula is the same for any reducing-balance loan — home, car, personal or education.