EMI Calculator
Calculate your monthly loan EMI, total interest, and total payment.
Work out your monthly loan installment (EMI) instantly from the loan amount, interest rate, and tenure — for a home loan, car loan, or personal loan. See the exact formula used and a worked example, plus the total interest you'll pay over the life of the loan.
How to use EMI Calculator
- 1Enter your input for emi calculator.
- 2Review the result on this page.
- 3Download or copy your result.
How EMI is calculated, step by step
EMI (Equated Monthly Installment) is the fixed amount you pay each month toward a loan, structured so every payment is identical even though the split between principal and interest shifts over time. The formula is EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the interest rate per month (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments.
Worked example: borrow ₹5,00,000 at 9.5% annual interest for 5 years. That's r = 9.5 ÷ 12 ÷ 100 = 0.007917 and n = 60 months. Plugging into the formula gives an EMI of about ₹10,501/month. Over 60 months that's a total payment of roughly ₹6,30,056 — meaning about ₹1,30,056 of the total is interest, on top of the ₹5,00,000 principal.
Why your interest-to-principal ratio shifts every month
Even though the EMI itself never changes, each month's interest is calculated on whatever principal balance remains — which is highest at the very start of the loan. So early payments are interest-heavy and later payments are principal-heavy, even though the total you pay each month is identical throughout. This is exactly what Loan Calculator's amortization schedule shows in detail, year by year, if you want to see the full breakdown rather than just the summary EMI figure.
A higher interest rate, a longer tenure, or a larger principal all increase total interest paid — tenure especially, since stretching the same loan over more months means more months of interest accruing, even though the monthly EMI itself becomes smaller.
Frequently Asked Questions
How is EMI calculated?
We use the standard formula EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan principal, r is the monthly interest rate, and n is the number of monthly installments.
Does this include processing fees or insurance?
No — this calculates the pure principal-and-interest EMI. Lenders may add processing fees, insurance, or other charges separately.
What's the difference between EMI Calculator and Loan Calculator?
EMI Calculator gives you the monthly payment figure and totals. Loan Calculator shows the same EMI plus a full year-by-year amortization schedule — how much of each year's payments goes to principal versus interest.
Is this tool really free?
Yes, EMI Calculator is completely free to use — no sign-up, no hidden charges.