Loan EMI Calculator

What is an EMI?

EMI (Equated Monthly Installment) is the fixed amount you pay each month to repay a loan with interest. This free calculator uses the standard formula P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal, r the monthly interest rate and n the number of months, so you always see an accurate monthly payment.

How to use

• Enter the loan amount in your currency, e.g. 500000.
• Type the annual interest rate in percent and the term in months.
• Read the monthly payment, total payment and total interest cards.
• Open the amortization table to see principal, interest and balance month by month.

FAQ

• How is the monthly rate calculated? The annual interest rate is divided by 12 to get the monthly rate. For example, an annual rate of 24% becomes a 2% monthly rate before the EMI formula is applied.
• Why is total interest almost as high as the principal? Interest is charged on the remaining balance each month. Early payments go mostly toward interest, so the total interest can be high for long terms or high rates.
• Does the calculator include fees? No. It computes only principal and interest. Banks often add origination fees, insurance or other costs that are not included in the EMI here.