EMI Calculator
Calculate your monthly loan EMI, total interest payable, and total payment. View a detailed amortization schedule and visual breakdown of principal vs. interest.
Monthly EMI
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Total Interest Payable
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Total Payment
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Interest-to-Principal Ratio
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Principal
Interest
📋 Amortization Schedule
| Year | Principal | Interest | Total Payment | Balance |
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How to Use This Tool
The EMI Calculator helps you plan your loan repayments with precision:
- Set Loan Amount — Use the slider or type in the amount you wish to borrow.
- Set Interest Rate — Enter the annual interest rate offered by your lender.
- Set Loan Tenure — Choose the repayment period in months or years using the toggle.
- Click "Calculate EMI" — View your monthly EMI, total interest, total payment, and a visual pie chart breakdown.
- Review the amortization schedule — Switch between yearly and monthly views to see how each payment is split between principal and interest.
The EMI formula used is: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P = principal, r = monthly interest rate, n = number of months.
Frequently Asked Questions
What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed payment amount you make to the lender each month until the loan is fully repaid. Each EMI consists of both a principal repayment portion and an interest portion.
How is EMI calculated?
EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12 and then by 100), and n is the total number of monthly installments.
Does a higher tenure mean lower EMI?
Yes, extending your loan tenure reduces the monthly EMI amount. However, you end up paying significantly more in total interest over the longer repayment period. It's a trade-off between monthly affordability and total cost.
Can I prepay my loan to reduce EMI?
Yes, most lenders allow prepayment (partial or full). Making extra payments toward the principal reduces either your monthly EMI or your remaining tenure, saving you interest. Check with your lender about any prepayment penalties.
What factors affect EMI?
Three main factors: 1) Loan amount — higher principal means higher EMI. 2) Interest rate — higher rate increases EMI. 3) Tenure — longer tenure reduces EMI but increases total interest paid.
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