EMI stands for Equated Monthly Instalment. It is the fixed amount of money you pay to a lender every month to clear your loan. It includes both the principal repayment and the interest charges.

What formula is used?

EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments.

What happens at 0% interest?

At 0% interest, the complex formula is bypassed and the EMI is simply the principal amount divided by the number of months (P ÷ n).

What is an amortization schedule?

An amortization schedule is a detailed table showing every payment over the life of the loan. It reveals exactly how each monthly EMI is split between repaying the principal balance and paying the interest charges.

How can I reduce my EMI?

You can lower your EMI by negotiating a lower interest rate, extending the loan tenure (though this increases total interest paid), or making a larger initial down payment to reduce the principal.

EMI stands for Equated Monthly Instalment. It is the fixed amount of money you pay to a lender every month to clear your loan. It includes both the principal repayment and the interest charges.

What formula is used?

EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments.

What happens at 0% interest?

At 0% interest, the complex formula is bypassed and the EMI is simply the principal amount divided by the number of months (P ÷ n).

What is an amortization schedule?

An amortization schedule is a detailed table showing every payment over the life of the loan. It reveals exactly how each monthly EMI is split between repaying the principal balance and paying the interest charges.

How can I reduce my EMI?

You can lower your EMI by negotiating a lower interest rate, extending the loan tenure (though this increases total interest paid), or making a larger initial down payment to reduce the principal.

EMI Calculator

Calculate your loan EMI, total interest and full amortization schedule. Works for home, car and personal loans.

Loan Amount

Currency

Annual Interest Rate (%)

Loan Tenure

How to Use

1
Enter the loan amount
Type your total loan principal and select your preferred currency.
2
Set the interest rate
Enter the annual interest rate as a percentage (e.g., 7.5). Use 0 for interest-free loans.
3
Set the tenure
Enter the loan duration in years or months using the toggle.
4
See your results
Your monthly EMI, total interest, and total payment are calculated and graphed instantly.
5
View the amortization schedule
Scroll down to see the breakdown for every single month of your loan.

Taking on debt is a major financial decision. Our free EMI calculator helps you visualize exactly how much a loan will cost you every month, empowering you to budget effectively.

Calculate Any Loan EMI

Whether you are comparing mortgage rates with a home loan emi calculator, figuring out dealership financing with a car loan emi calculator, or planning a vacation with a personal loan emi calculator, the underlying mathematics remain the same.

Understanding how to calculate emi is crucial. Lenders often try to obscure the true cost of borrowing by focusing only on the monthly payment. Our tool reveals the "Total Interest Payable," showing you exactly how much extra money you are handing over to the bank over the life of the loan.

The Amortization Schedule

An emi calculator with amortization schedule is a powerful financial tool. The schedule table breaks down your loan month by month. You'll notice that in the early years of a long mortgage, the vast majority of your payment goes entirely toward interest, with very little reducing the principal.

The EMI Formula Explained

The standard emi formula is complex: P × r × (1+r)^n / ((1+r)^n − 1).

P: The Principal (total loan amount).
r: The monthly interest rate (the annual rate divided by 12).
n: The tenure (total number of months).

Our loan interest calculator runs this formula instantly in your browser. It also handles edge cases, like 0% interest promotions, cleanly and accurately.