EMI Calculator
Calculate your monthly loan installment (EMI), total interest, and total repayment.
An Equated Monthly Installment (EMI) is the fixed amount you pay each month toward a loan until it's fully repaid, combining both principal and interest into one predictable payment. Because interest is calculated on the outstanding balance each month, the split between principal and interest changes over time — early payments are interest-heavy, later payments are mostly principal — even though the total EMI amount stays constant throughout the loan term.
This calculator uses the standard reducing-balance amortization formula that banks and lenders use to compute EMI: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate, and n is the total number of monthly installments. Enter your loan amount, annual interest rate, and term to see your exact monthly payment, total interest paid over the life of the loan, and total amount repaid.
Understanding your EMI before taking a loan helps you budget realistically and compare offers from different lenders on equal footing — a lower advertised interest rate doesn't always mean a lower total cost once the term length is factored in.
How to use EMI Calculator
- 1
Enter the loan amount
Input the total principal you're borrowing.
- 2
Enter the interest rate
Input the annual interest rate your lender quoted.
- 3
Enter the loan term
Input how many years you'll be repaying the loan.
- 4
Read your EMI
Your monthly payment, total interest, and total repayment update instantly.
Features
- Uses the exact reducing-balance formula lenders use
- Instant updates as you adjust any input
- Shows total interest cost, not just the monthly payment
- Works for any currency — enter numbers in your local currency
Frequently asked questions
Common mistakes to avoid
- Comparing loan offers by interest rate alone without checking the term length, which changes total cost significantly.
- Forgetting that EMI stays constant while the interest/principal split shifts over time.
- Not accounting for processing fees, which effectively raise the real cost of borrowing above the quoted rate.
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