Loan EMI Calculator
Enter your loan details to instantly calculate your monthly EMI, total interest, and total repayment.
Planning to take a loan? Use this free EMI (Equated Monthly Installment) calculator to instantly find out how much you will pay each month, total interest over the loan tenure, and the full year-by-year amortization breakdown. Works for home loans, car loans, personal loans, and any fixed-rate installment loan.
What This Calculator Shows
How to Use the EMI Calculator
- Enter the loan amount (principal).
- Set the annual interest rate offered by your lender.
- Enter the loan tenure in years.
- Click 'Calculate EMI' to see your monthly payment and full schedule.
FAQ
What is EMI?▾
EMI stands for Equated Monthly Installment — the fixed amount you pay every month until the loan is fully repaid, covering both principal and interest.
How is EMI calculated?▾
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate, and n is the number of months.
Does a higher interest rate mean more EMI?▾
Yes. A higher interest rate increases both the monthly EMI and the total interest paid over the loan term.
Can I use this for a mortgage?▾
Absolutely. Enter your home loan amount, the bank's interest rate, and the mortgage tenure to get your monthly mortgage payment.
EMI Tips
- A shorter tenure means higher EMI but less total interest.
- A 1% lower interest rate can save thousands over a long loan.
- Prepaying the loan early reduces the outstanding principal and future interest.
- Compare EMIs across banks before committing to a loan.