EMI Calculator
Calculate your monthly EMI, total interest & get amortization schedule
Principal Amount
Total Interest
Total Payment
| Year | Principal | Interest | Balance |
|---|
How to Use the EMI Calculator
Our free EMI (Equated Monthly Installment) Calculator helps you plan your loan repayment. Enter the loan amount, interest rate, and tenure to instantly see your monthly EMI, total interest payable, and a detailed amortization schedule.
- Quick presets for Home Loan, Car Loan, Personal Loan, and Education Loan
- Interactive sliders for easy input adjustment
- Visual pie chart showing principal vs. interest breakdown
- Year-wise amortization schedule
- 100% client-side — no data sent to any server
EMI Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1], where P = Principal loan amount, R = Monthly interest rate, N = Number of monthly installments. This formula ensures that each EMI payment covers both principal repayment and interest.
Frequently Asked Questions
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. It includes both principal and interest components.
Yes, increasing the loan tenure reduces the monthly EMI. However, you end up paying more total interest over the loan period. It’s a trade-off between monthly affordability and total cost.
Prepayment (paying extra towards your principal) can significantly reduce your total interest and loan tenure. Most banks allow partial prepayment without penalty for floating-rate loans.