EMI Calculator
Calculate your Equated Monthly Installment (EMI), total payment, and total interest instantly in your browser.
How to use the EMI Calculator
- Enter the loan principal you plan to borrow.
- Enter the annual interest rate offered by the lender.
- Enter the loan tenure in months (for example 240 months for a 20-year home loan).
- Click Run to see your monthly EMI, the total amount payable and the total interest.
How the EMI Calculator works
An EMI (Equated Monthly Installment) is a fixed monthly payment that covers both interest and principal. It is calculated with the reducing-balance method, where interest is charged only on the amount still outstanding:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
Here P is the principal, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of monthly installments. In the early months most of each EMI goes towards interest; as the balance falls, a larger share repays the principal. Total interest is the EMI multiplied by the number of months, minus the principal.
Frequently asked questions
- Is this EMI calculator free?
- Yes. Calculate EMI at no cost, with no account required.
- What is EMI?
- EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender each month until the loan is fully repaid.
- How is EMI calculated?
- EMI is calculated using the reducing balance method based on the loan principal, monthly interest rate, and number of monthly installments.