EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home, car, or personal loans
What do you want to calculate today?
Loan Details
Payment Schedule Visualization
Amortization Schedule (Yearly Breakdown)
| Year | Principal (A) | Interest (B) | Total Payment (A + B) | Balance | Loan Paid To Date |
|---|---|---|---|---|---|
| Enter loan details to see amortization schedule | |||||
How EMI is Calculated?
EMI (Equated Monthly Installment) is calculated using the standard formula:
EMI = (P × r × (1 + r)^n) / ((1 + r)^n - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate, calculated as (Annual rate / 12 / 100)
- n = Number of monthly installments, calculated as (Years × 12)
Example:
Let's say you take a loan of ₹10,00,000 at an annual interest rate of 12% for 5 years.
Given: P = ₹10,00,000, Annual rate = 12%, Years = 5
Step 1: Calculate monthly interest rate (r)
r = 12% / 12 / 100 = 0.01
Step 2: Calculate number of installments (n)
n = 5 × 12 = 60 months
Step 3: Calculate EMI
EMI = (P × r × (1 + r)^n) / ((1 + r)^n - 1)
EMI = (₹10,00,000 × 0.01 × (1.01)^60) / ((1.01)^60 - 1)
EMI = (₹10,00,000 × 0.01 × 1.8167) / 0.8167
EMI = ₹18,167 / 0.8167
EMI ≈ ₹22,244
Result: Your monthly EMI will be approximately ₹22,244 for 60 months.
This formula ensures fixed monthly payments throughout the loan tenure.
Fixed vs. Floating Interest Rates
Fixed-Rate Loans:
Your EMI remains constant throughout the tenure. Ideal for long-term budgeting.
Floating-Rate Loans:
Common in mortgages. Your EMI or tenure may change if the central bank (like the RBI or US Federal Reserve) adjusts base interest rates.
Loans Supported by This EMI Calculator
Home Loan EMI
Calculate monthly payments for your home mortgage
Personal Loan EMI
Estimate installments for personal loans
Car Loan EMI
Plan your vehicle financing payments
Education Loan EMI
Calculate student loan repayment schedule
Business Loan EMI
Plan your business loan repayments
Why Use Our EMI Calculator?
Instant & accurate results
Works for all loan types
No signup required
Mobile-friendly
Helps plan finances better
EMI Calculator FAQs
❓What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed amount you pay every month to repay a loan.
❓Does EMI change during the loan tenure?
No, EMI usually remains fixed unless the interest rate changes (floating rate loans).
❓Is this EMI calculator free?
Yes, this EMI calculator is 100% free to use.
❓Can I use this for home loans and car loans?
Yes, it works for all types of loans.
❓Is EMI calculation accurate?
Yes, the calculator uses the standard EMI formula used by banks.