EMI Calculator

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An EMI (Equated Monthly Installment) Calculator estimates the fixed monthly payment required to repay a loan over a specified tenure at a given interest rate. More info →

Input

Enter loan details to calculate your monthly EMI.

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How This Calculator Works

An EMI is the same payment you make every month until the loan is repaid. Each EMI covers that month's interest plus part of the loan. Early on most of it goes to interest; later most of it repays the loan. The calculator also shows the total you will repay and how much of that is interest.

The Formula

EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]

P = loan amount · r = annual rate ÷ 12 ÷ 100 · n = tenure in months · At 0% interest, EMI = P ÷ n

What Each Input Does

Loan Amount: The amount you borrow.
Annual Interest Rate (%): The yearly rate charged by the lender. It is converted to a monthly rate.
Loan Tenure (Months): How many monthly payments you will make. A longer tenure lowers the EMI but increases total interest.

Step by Step

The annual rate is divided by 12 to get the monthly rate.
The EMI formula gives the fixed monthly payment.
Total payment = EMI × number of months.
Total interest = total payment − loan amount.

Reading the Result

EMI – check that it fits comfortably within your monthly budget.

Total interest – the real cost of borrowing. A shorter tenure or lower rate reduces it.

Quick Example

Loan 1,000,000 at 9% for 240 months (20 years). The monthly rate is 0.75%, so the EMI is 8,997. Over 240 months you repay 2,159,342, of which 1,159,342 is interest.