EMI Calculator shows the monthly instalment for a loan. Enter the loan amount, the yearly interest rate and the period to see your EMI, the total interest and the total amount you will repay.
What is an EMI?
EMI stands for Equated Monthly Instalment. It is the fixed amount you pay every month to repay a loan, such as a home loan, car loan or personal loan. Each EMI contains two parts: interest on the remaining loan and a repayment of the original amount, called the principal. In the first months, most of the payment goes towards interest, and over time the principal part grows. This calculator shows your monthly EMI, the total interest you will pay and the total amount you will repay.
How to use the calculator
- Enter the loan amount you plan to borrow.
- Enter the annual interest rate as a percentage, for example 10 for ten percent per year.
- Enter the loan period and choose whether it is in years or in months.
- Press Calculate EMI to see the results.
The formula behind the result
The calculator uses the standard reducing-balance formula: EMI = P x r x (1 + r)^n / ((1 + r)^n – 1). Here P is the loan amount, r is the monthly interest rate (the yearly rate divided by 12 and by 100) and n is the number of monthly payments. If the interest rate is zero, the EMI is simply the loan amount divided by the number of months.
An example
If you borrow 500,000 at 10 percent per year for 5 years, the monthly EMI is about 10,623.52. Over 60 months you pay about 637,411 in total, which means around 137,411 is interest. If you take the same loan for 3 years instead, the EMI is higher, but the total interest is lower. This shows the trade-off between a comfortable monthly payment and the total cost of borrowing.
How to lower your total cost
- Choose a shorter period if you can afford a higher EMI. Less time means less interest.
- Make a larger down payment so you borrow less.
- Compare interest rates from several lenders. Even a small difference adds up over years.
- Make part-payments when you receive extra money, if your lender allows it without heavy charges.
- Check fees. Processing fees, insurance and prepayment charges raise the real cost of a loan.
Fixed and floating rates
With a fixed rate, the interest stays the same for the full period, so your EMI does not change. With a floating rate, the rate follows market conditions, and your EMI or loan period can change over time. This calculator assumes a constant rate, so it gives the best estimate for fixed-rate loans.
Important to remember
The result is an estimate. Banks may round amounts differently, charge extra fees or calculate interest by days instead of months. Before signing any loan agreement, check the official schedule from your lender. This calculator is for information only and is not financial advice.
Privacy
The numbers you type are calculated in your browser and are not stored or sent to a server.
Troubleshooting
It asks for valid numbers. Enter positive values for the amount and the period. Interest may be zero or higher.
My bank shows a different EMI. Banks may use a slightly different rounding or include fees. Compare the interest rate and period first.
I want the amount in months. Choose Months in the period unit and enter the number of months.
Free to use
Try different amounts, rates and periods as often as you like. No sign-up and no limits.
Another example: comparing two loan periods
Suppose you borrow 1,000,000 at 9 percent per year. For 10 years the EMI is about 12,668, and the total interest is around 520,000. For 15 years the EMI drops to about 10,143, which looks easier on your monthly budget, but the total interest rises to around 825,000. The calculator makes this comparison quick, so you can decide how much monthly pressure you can handle and how much extra cost you are willing to accept.
Checklist before you take a loan
- The EMI is a comfortable part of your monthly income.
- You compared offers from more than one lender.
- You asked about processing fees, insurance and prepayment charges.
- You read the official repayment schedule before signing.
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How to use EMI Calculator
- Enter the loan amount and interest rate.
- Enter the loan period in years or months.
- Click "Calculate EMI".
Frequently asked questions
What is the EMI formula?
EMI = P x r x (1+r)^n / ((1+r)^n – 1), where P is the loan, r is the monthly rate and n is the number of months.
Is the result exact?
It is a close estimate. Banks may add fees or round differently.
Is this tool really free?
Yes. All tools on this website are free to use, with no sign-up needed.
Are my files and data safe?
Yes. Everything is processed inside your own browser. Your files and text are not uploaded to our servers.
Does it work on mobile?
Yes. The tools work on modern phones, tablets and computers.