EMI Calculator
Calculate monthly EMI, total interest, and full repayment schedule for any loan.
EMI Calculator
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How to Use
- Enter the principal loan amount.
- Enter the annual interest rate (e.g. 8.5 for 8.5%).
- Set the loan tenure in months or years.
- Monthly EMI, total interest, and total payment update instantly.
- Scroll down for the year-by-year amortisation breakdown.
Frequently Asked Questions
QWhat is EMI?
EMI (Equated Monthly Instalment) is the fixed monthly amount you pay to repay a loan over its tenure. Each payment covers both interest and a portion of the principal.
QHow is EMI calculated?
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 tenure in months.
QWhy does a longer tenure mean more total interest?
A longer tenure reduces the monthly EMI but increases the number of months you pay interest. The accumulated interest over more months outweighs the per-month saving.
QWhat is an amortisation schedule?
A table showing how each payment is split between interest and principal over the loan's life. Early payments are mostly interest; later payments are mostly principal.
About This Calculator
EMI is calculated using the standard reducing balance method (the most common method used by banks worldwide). Results are estimates — actual repayment amounts may vary slightly based on your lender's rounding conventions and any processing fees.