EMI Calculator
Calculate monthly loan payments (EMI), interest payable, and view complete amortization schedules interactively.
Loan Parameters
Principal & Interest Balance Progression
Payment Breakdown
Installment Table Schedule
About the EMI Calculator
An Equated Monthly Instalment (EMI) is the fixed payment you make every month to repay a loan, covering both principal and interest. This EMI calculator works for home loans, car loans, personal loans and education loans. Enter the loan amount, interest rate and tenure to see your monthly payment, total interest payable and the overall cost of borrowing, along with charts that show how the balance between principal and interest shifts over the life of the loan.
How to use the EMI Calculator
- Enter the principal loan amount you intend to borrow.
- Set the annual interest rate quoted by your lender.
- Choose the loan tenure in months or years.
- Read the EMI, total interest and amortization schedule, and adjust the inputs to compare offers.
Frequently asked questions
What formula does the EMI calculator use?
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate and n is the number of monthly instalments.
Why is most of my early EMI going towards interest?
Interest is charged on the outstanding balance. Early on the balance is high, so the interest portion is large; as the principal reduces, more of each EMI goes towards repaying it.
Can I use this for a floating-rate loan?
Yes, as an estimate for the current rate. If the rate changes later, re-run the calculator with the new rate and the remaining tenure.