EMI Calculator
Use this free EMI calculator to estimate monthly instalment, total interest, and total repayment for home, car, personal, or education loans. Enter principal, annual interest rate, and tenure to instantly view complete amortization details.
Enter loan details to calculate your EMI and see the amortization schedule.
Features
- Monthly EMI calculation using the standard amortization formula
- Total interest payable over the loan period
- Total repayment amount (principal + interest)
- Full month-by-month amortization schedule
- Toggle loan tenure between months and years
- Works for home loans, car loans, personal loans, and any fixed-rate loan
Frequently Asked Questions
What is EMI on a loan?
EMI (Equated Monthly Instalment) is the fixed amount you pay each month until the loan is repaid. Each instalment includes principal and interest; early EMIs are interest-heavy, later ones pay down more principal.
How do you calculate EMI?
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P is principal, R is monthly interest (annual rate ÷ 12), and N is months. Enter those values here to get EMI, total interest, and an amortization table instantly.
What is an amortization schedule?
It is a month-by-month table of payments showing principal vs interest. It helps you see total interest over the loan and how prepayments would change the payoff.
How can I lower my EMI?
Longer tenure lowers EMI but increases total interest. A bigger down payment or a lower rate reduces EMI and total cost. Use this calculator to compare scenarios side by side.
Does this work for home, car, and personal loans?
Yes. For any fixed-rate loan, enter principal, annual interest rate, and tenure in months or years. Floating-rate loans need the current rate as an estimate.