EMI Calculator
Enter your loan amount, interest rate, and tenure to get your monthly EMI and total interest payable.
How EMI is calculated
EMI uses the standard reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly installments. Each payment covers that month's interest first, with the rest reducing the principal.
About the EMI Calculator
The EMI Calculator works out the Equated Monthly Instalment of a loan from the loan amount, annual interest rate and tenure. It also shows total interest and total payment, helping you compare home, car and personal loans before you commit.
EMI is calculated with the standard formula P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate divided by 12 and 100) and n is the number of months. Early EMIs are mostly interest, and the principal share grows over time. A longer tenure lowers the EMI but increases total interest paid.
How to use it
- Enter the loan amount.
- Enter the annual interest rate.
- Enter the tenure in years.
- Read the monthly EMI, total interest and total payment.
Tips and good to know
- Compare several tenures to balance affordability against total cost.
- Processing fees and insurance are not included.
- Partial prepayments reduce interest; check your lender's rules.
Frequently asked questions
Is EMI fixed?
For fixed-rate loans yes; floating-rate loans change when the rate changes.
Does it include fees?
No, only principal and interest.
Why is so much of my first EMI interest?
Interest is charged on the full outstanding balance.