EMI Calculator
Calculate monthly loan EMI, total interest, and view amortization schedule
EMI Calculation Examples
Home Loan Example
Loan Amount: ₹50,00,000
Interest: 8.5% p.a.
Term: 20 years
Monthly EMI: ₹43,391
Total Interest: ₹54,13,840
Car Loan Example
Loan Amount: ₹8,00,000
Interest: 10% p.a.
Term: 5 years
Monthly EMI: ₹16,991
Total Interest: ₹2,19,460
Personal Loan Example
Loan Amount: ₹3,00,000
Interest: 12% p.a.
Term: 3 years
Monthly EMI: ₹9,961
Total Interest: ₹58,596
EMI Formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- n = Total number of months
Note: The formula calculates equated monthly installments (EMI) that include both principal and interest components.
Benefits & Features
Our EMI calculator offers essential benefits for loan planning and financial decisions:
Loan Planning
- Monthly payment estimation
- Total interest calculation
- Loan affordability check
- Budget planning assistance
- Payment schedule preview
Financial Insights
- Interest-principal breakup
- Total cost analysis
- Early payment benefits
- Loan comparison tools
- Amortization details
Decision Support
- Multiple loan comparison
- Term optimization
- Rate impact analysis
- Refinancing evaluation
- Payment strategy planning
Frequently Asked Questions
What is EMI and how is it calculated?
EMI (Equated Monthly Installment) is a fixed amount paid monthly to repay both principal and interest on a loan. It's calculated using:
- Principal amount borrowed
- Interest rate (converted to monthly)
- Loan tenure in months
- Compound interest formula
Each EMI payment includes part principal and part interest, with the principal portion increasing over time.
How can I reduce my EMI amount?
Several ways to reduce your EMI:
- Opt for a longer loan tenure
- Make a larger down payment
- Look for lower interest rates
- Transfer to a lower interest loan
- Make partial prepayments when possible
- Improve your credit score for better rates
What factors affect EMI calculation?
Key factors affecting your EMI:
- Principal loan amount
- Interest rate
- Loan tenure
- Type of interest (fixed/floating)
- Processing fees and charges
- Prepayment options
- Credit score impact on interest rate