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EMI Calculator

EMI (Equated Monthly Instalment) is the fixed amount you pay every month to repay a loan. This calculator finds your EMI for a home, car or personal loan and shows how much of the total is interest.

How it works Report a problem

EMI Calculator

Calculate your Equated Monthly Installment for any loan type

$0
Monthly EMI
Principal Amount
$0
Total Interest
$0
Total Amount
$0
Principal vs Interest

EMI, the equated monthly instalment, blends principal and interest into one fixed payment. Two loans with the same EMI can carry very different total interest, which is why this calculator shows the instalment, the total interest and the full amount payable together.

How to use this calculator

  • Enter the loan amount.
  • Add the annual interest rate.
  • Enter the tenure in months or years.
  • Press calculate to see the EMI, total interest and total payable.

Shorter tenure, smaller bill

Stretching a loan lowers the EMI but raises total interest sharply, because the balance sits outstanding for longer. If the budget allows, test a tenure one or two years shorter in the calculator: the EMI rise is often modest next to the interest saved.

Frequently asked questions

What is the EMI formula?
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r the monthly rate (annual rate divided by 12 and by 100) and n the number of months.
Does EMI stay the same for the whole loan?
On a fixed-rate loan, yes — though the split changes: early instalments are mostly interest, later ones mostly principal. Floating-rate loans can change EMI or tenure when rates move.
Can I reduce my EMI after taking a loan?
Options include a part-prepayment (which can cut EMI or tenure), refinancing to a lower rate, or extending tenure. Cutting tenure saves more interest than cutting EMI.