Calculate your monthly EMI, total interest, total repayment and complete loan schedule.
Loan Details
Principal vs Interest
Payment Breakdown
Monthly principal and interest throughout the loan tenure.
Amortization Schedule
Detailed monthly repayment schedule.
| Period | Opening Balance | EMI | Principal | Interest | Closing Balance |
|---|
Figures are estimates based on the entered interest rate and standard reducing-balance EMI calculation. Actual lender schedules may differ because of rounding, fees, taxes or other charges.
What Is an EMI
EMI stands for Equated Monthly Installment. It is the fixed amount a borrower generally pays to a lender every month toward a loan. An EMI normally consists of two components: the principal amount borrowed and the interest charged on that amount.
Our EMI calculator helps you estimate your monthly payment based on the loan amount, annual interest rate, and loan tenure. You can use it for different types of loans, including home loans, car loans, bike loans, personal loans, and education loans.
- Borrower: The person who borrows money from someone or a bank. The borrower generally has to repay the money.
- Lender: The person, bank, or financial institution that gives or lends money to the borrower.
How Does the EMI Calculator Work?
Enter the amount you want to borrow, the annual interest rate, and the loan tenure. The calculator converts the annual interest rate into a monthly rate and calculates the monthly EMI using the standard reducing-balance EMI formula.
The results also show the estimated total interest and total amount payable over the full loan tenure. The payment breakdown graph illustrates how the principal and interest portions change during the repayment period.
Reducing-balance EMI formula
The reducing-balance EMI formula is used to calculate the fixed monthly instalment you pay on a loan, such as a home loan, car loan, or personal loan.
EMI=[P × R × (1 + R)N] / [(1 + R)N − 1]
Where:
- P=Principal loan amount (the amount you borrowed)
- R=Monthly interest rate, expressed as a decimal
- N=Total number of monthly instalments
- EMI=Fixed monthly payment
Here's an example:
Suppose you borrow ₹1,00,000 from a bank. Your loan amount is ₹1,00,000, with an "Annual Interest Rate"of 12%. The "Loan tenure"is 12 Months. The "Monthly Interest Rate"is 1% (12% ÷ 12) [or, 12% ÷ 12=1%]. Use our 3 Way Percetage Calulator.
The formula will be,
| EMI= |
|
The result is,
Monthly EMI: ₹8,884.88 (Approximately ₹8,885 per month)
EMI Calculator for Different Loans
The same basic EMI calculation can be used for many fixed-rate installment loans. Select Home Loan, Car Loan, Bike Loan, Personal Loan, or Education Loan above to see the calculator configured for that type of borrowing.
Please note: This calculator provides an estimate based on the information entered. Actual loan payments can differ because lenders may apply different interest-rate methods, fees, taxes, insurance, prepayments, changing interest rates, or other charges.
🛠️ More Free Tools
Percentage Calculator
Find percentages, change, discounts, and more. Calculate Percentage.
Random Word Generator
Spark ideas with instantly generated words and phrases. Try our Random Word Generator.
My Fancy Notepad
Minimal writing space with just‑enough features. Write here.
Pick Colors from any Image
Generate color palettes from an image upto 10 colors using this free tool. Extract Colors.
Color Palette Generator from Hex
Generate harmonious color palettes from a base color. Generate Palettes.
Hex to RGB Converter
Convert color codes between HEX and RGB formats. Try it.
HTML Table Generator with or without CSS
Effortlessly create HTML table code for your website. Enhance your site's design in seconds. Generate Tables.
HTML and CSS Minifier
Compress HTML and inline CSS for speed and SEO. Try it here.
Online JS Editor
Edit and refine your JavaScript before embedding. Open editor.
Word Counter
Instantly count words, characters, reading time, and visualize word frequency with a word cloud. Count here.
Image Resizer and Cropper
Optimize images alongside your HTML for faster load times. Resize here.
Sentence and Pragraph Counter
Count sentences instantly with our free online sentence counter tool. Count here.
All Tools
Fast, browser‑based utilities for developers, designers, and creators. No sign‑up, no downloads. Go to All Tools.