EMI Calculator
Calculate monthly EMI, total payment, and total interest for a reducing-balance loan.
How to use
- Step 1Enter the loan principal (amount borrowed).
- Step 2Enter the annual interest rate in percent and the tenure in months.
- Step 3Click Calculate to see monthly EMI, total payment, and total interest.
Features
- Uses the standard reducing-balance EMI formula
- Shows monthly EMI, total payment, and total interest
- Annual rate is converted to a monthly rate automatically
- Runs entirely in your browser — values are not sent to a server
What this EMI calculator does
Enter principal, annual interest rate, and tenure in months to estimate your monthly EMI, total payment, and total interest on a reducing-balance loan (common for home, car, and personal loans).
Inputs
- Principal — amount borrowed
- Annual rate % — yearly interest rate (not the monthly rate)
- Tenure (months) — number of monthly installments (for example 60 for 5 years)
Formula used
With monthly rate r = annualRate / 1200 and n months:
EMI = P × r × (1+r)^n / ((1+r)^n − 1)
If the annual rate is 0%, EMI is P / n.
Example
Principal 500,000, annual rate 10%, tenure 60 months ≈ monthly EMI 10,623.52, total payment ≈ 637,411.34, total interest ≈ 137,411.34 (rounded to 2 decimals).
Limitations
- Does not include processing fees, insurance, or GST on charges
- Assumes a fixed rate and equal monthly payments
- Not a substitute for your lender’s amortization schedule
Related: Loan Calculator, Simple Interest, Compound Interest, and Calculator tools.
Frequently Asked Questions
What does EMI mean?
EMI means Equated Monthly Installment — a fixed monthly payment that covers interest and principal over the loan tenure.
Which formula does this calculator use?
It uses the standard reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly rate (annual % ÷ 1200), and n is the number of months. If the rate is 0%, EMI is simply P ÷ n.
Is the interest rate monthly or annual?
Enter the annual rate in percent (for example 10 for 10% per year). The calculator converts it to a monthly rate.
Is this financial advice?
No. Results are estimates for planning. Lenders may use fees, rounding rules, or different day-count conventions.