EMI Calculator
Calculate your monthly loan installment (EMI) along with total interest, total payment, and a detailed amortization schedule.
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How to use the EMI Calculator
Using this free EMI calculator is straightforward. Enter your loan amount, annual interest rate, and loan tenure (in years or months). Click Calculate EMI to see your monthly installment, total interest payable, and total payment over the loan tenure.
You can also view a detailed amortization schedule that breaks down each month's interest and principal components, helping you understand how your loan is repaid over time.
What this calculator shows you
- ✓Monthly EMI amount — The fixed monthly payment you need to make.
- ✓Total interest payable — The total interest you'll pay over the loan tenure.
- ✓Total payment amount — The sum of principal and interest paid over the tenure.
- ✓Principal vs Interest breakdown — Visual representation of how much you pay towards principal vs interest.
- ✓Amortization schedule — Month-by-month breakdown of interest, principal, and remaining balance.
How is EMI calculated?
EMI is calculated using the reducing balance method, which is the standard method used by banks and financial institutions. The formula used is:
Where:
• P = Principal loan amount
• r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
• n = Number of monthly installments
The reducing balance method means interest is calculated on the outstanding principal, which decreases each month as you make payments.