EMI Calculator
Calculate the Equated Monthly Installment (EMI) for any loan repaid in equal monthly payments. This is the same calculation used for personal loans, car loans, and many home loans, and it shows how much of each payment goes to interest over time.
Disclaimer: Results are estimates for planning only and are not financial advice. Interest rates, fees, taxes, and lender terms vary. Check with your bank or a qualified financial adviser before borrowing or investing.
How to use
- Enter the principal amount you will borrow.
- Enter the annual interest rate.
- Enter the term in months, for example 60 months for a 5-year loan.
- Click Calculate to see the EMI, total interest, and total payment.
- Try a shorter term to see how much interest you can save.
Frequently asked questions
What does EMI mean?
EMI means Equated Monthly Installment: the fixed amount you pay every month until the loan is repaid. Early payments are mostly interest; later payments are mostly principal.
How is EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly rate, and n is the number of months.
Does EMI change if the interest rate changes?
For a fixed-rate loan, no. For a variable-rate loan, the EMI or the term can change when the rate changes.
Can I afford this EMI?
A common rule is to keep total monthly debt payments well below your monthly income, leaving room for living costs and savings. Lenders also apply their own affordability checks.