Free Online EMI Calculator
Work out your monthly loan instalment, total interest, and total repayment in seconds.
EMI is calculated with the standard reducing-balance formula. The actual amount may differ slightly because of processing fees, rounding, or lender-specific rules.
Yearly repayment schedule
| Year | Principal paid | Interest paid | Balance |
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About the EMI Calculator
EMI stands for Equated Monthly Instalment: the fixed amount you pay a lender every month until a loan is repaid. Each payment covers the interest due for that month plus a portion of the principal. Early payments are mostly interest; later payments are mostly principal.
The EMI formula
The calculator uses the standard reducing-balance formula: EMI = P × r × (1 + r)n / ((1 + r)n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. When the interest rate is zero, the EMI is simply the principal divided by the number of months.
How to use this calculator
- Enter the amount you are borrowing, not the full purchase price.
- Enter the annual interest rate offered by your lender.
- Set the tenure in years or months.
- Click Calculate EMI to see your monthly payment, total interest, and yearly schedule.
Ways to reduce your EMI
- Make a larger down payment. Borrowing less reduces both the EMI and the total interest.
- Negotiate a lower rate. Even a small rate reduction can save a significant amount over a long loan.
- Choose a shorter tenure. The monthly payment rises, but the total interest falls sharply.
- Prepay when possible. Extra payments reduce the outstanding principal and future interest.
Frequently asked questions
Does a longer tenure mean a cheaper loan?
No. A longer tenure lowers the monthly EMI but increases the total interest paid, because you are borrowing the money for longer.
What is not included in the EMI?
Processing fees, insurance, taxes, and other lender charges are not part of the EMI unless your lender bundles them into the loan amount.
Is this calculator accurate for all loans?
It is accurate for fixed-rate, reducing-balance loans. Floating-rate loans can change when the benchmark rate changes.