EMI Calculator

The EMI Calculator works out the fixed monthly instalment (Equated Monthly Instalment) you pay on a home, car, personal, or education loan. Enter the loan principal, the annual interest rate, and the tenure in months or years, and it instantly returns your monthly EMI, the total interest you will pay over the life of the loan, and the total amount repayable (principal plus interest).

It is used by borrowers comparing loan offers, buyers checking whether a purchase fits their budget, and anyone who wants a month-by-month amortization schedule showing how each payment splits between interest and principal. Everything runs in your browser, so you can adjust the rate or tenure and see updated numbers immediately without submitting your figures anywhere.

EMI is calculated with the reducing-balance formula: EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the principal, n is the number of monthly instalments, and r is the monthly interest rate. The monthly rate is the annual rate divided by 12 and by 100, so an 8.5 percent annual rate becomes r = 0.085 / 12 = 0.007083.

For example, a principal of 2,500,000 at 8.5 percent for 240 months gives an EMI of about 21,696. In the early months most of the EMI covers interest and only a small part reduces the principal; as the outstanding balance falls, the interest portion shrinks and the principal portion grows. The amortization schedule makes this shift visible month by month, which is why total interest is high on long-tenure loans even when the EMI feels affordable.

The calculator assumes a fixed interest rate and equal monthly payments. If your loan has a floating rate, processing fees, or step-up EMIs, the actual figures from your lender may differ slightly, so treat these results as a close estimate for planning.