EMI Calculator
Calculate EMI, total interest payable and view a full amortization schedule.
Monthly EMI
Payment Breakup
Amortization Schedule
| Year | Principal | Interest | Total | Balance | Loan Paid |
|---|
What is EMI (Equated Monthly Installment)?
An EMI is the fixed amount you repay every month towards a loan. It includes both the principal and the interest. Although the EMI remains constant, the interest portion gradually decreases while the principal portion increases.
How Does an EMI Work?
At the start, the outstanding principal is high, so the interest portion of the EMI is larger. As the principal reduces, the interest decreases month by month — this forms the amortization pattern.
EMI Calculation Formula
EMI Formula:
EMI = P × R × (1 + R)N / ((1 + R)N − 1)
- P: Loan Amount
- R: Monthly Interest Rate (Annual Rate / 12 / 100)
- N: Loan Tenure in Months
EMI Calculation Example
Example:
- Loan Amount: 1000000
- Interest Rate: 10%
- Tenure: 5 years (60 months)
Monthly Interest Rate = 10 / 12 / 100 = 0.00833
Monthly EMI ≈ 21247
Key Factors That Affect Your EMI
- Loan Amount
- Interest Rate
- Loan Tenure
- Loan Type
Benefits of Using an EMI Calculator
- Instant EMI calculation
- Helps plan monthly budgets
- Shows total interest payable
- Useful for comparing loans
How to Use This EMI Calculator
- Enter the loan amount
- Enter the interest rate
- Enter the tenure
- View EMI, interest, and amortization instantly
Tips to Reduce Your EMI
- Increase loan tenure
- Choose a lower interest rate
- Make part-prepayments
- Consider loan refinancing
Important Notes
- Based on standard EMI formula
- Actual EMI may vary
- Additional fees are not included
Input Rules & Limits
- Loan Amount: 1000 – 1000000000
- Interest Rate: 3% – 25%
- Years: 0 – 30
- Months: 0 – 11
- Total tenure: 1 – 360 months