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EMI Calculator

Calculate monthly EMI, total interest, and total payment for any loan.

Loan details

$
%

Monthly EMI

$8,678.23

240 months at 8.5%

Payment breakdown

  • Principal$1,000,000.0048.0%
  • Interest$1,082,775.7652.0%

How this EMI is calculated

Three steps from your loan amount, rate, and tenure to the monthly payment.

  1. Convert the annual rate to monthly

    Divide 8.5% by 12.

  2. Find the number of EMIs

    20 years is 240 months.

  3. Apply the EMI formula

    EMI=P×r×(1+r)n(1+r)n−1\mathrm{EMI} = P \times r \times \frac{(1 + r)^{n}}{(1 + r)^{n} - 1}

    P is principal, r is the monthly rate, and n is months. If the rate is zero, EMI is principal divided by months.

Payment schedule

Year-by-year totals. Open a year to see each month.

PeriodPaymentPrincipalInterestBalance
$104,138.79$19,902.29$84,236.50$980,097.71
$104,138.79$21,661.47$82,477.31$958,436.23
$104,138.79$23,576.15$80,562.64$934,860.08
$104,138.79$25,660.07$78,478.72$909,200.02
$104,138.79$27,928.18$76,210.60$881,271.83
$104,138.79$30,396.78$73,742.01$850,875.05
$104,138.79$33,083.58$71,055.21$817,791.47
$104,138.79$36,007.87$68,130.92$781,783.60
$104,138.79$39,190.64$64,948.15$742,592.96
$104,138.79$42,654.73$61,484.05$699,938.23
$104,138.79$46,425.02$57,713.76$653,513.20
$104,138.79$50,528.57$53,610.21$602,984.63
$104,138.79$54,994.84$49,143.95$547,989.79
$104,138.79$59,855.88$44,282.90$488,133.91
$104,138.79$65,146.60$38,992.19$422,987.31
$104,138.79$70,904.97$33,233.82$352,082.34
$104,138.79$77,172.32$26,966.47$274,910.02
$104,138.79$83,993.65$20,145.14$190,916.37
$104,138.79$91,417.93$12,720.86$99,498.44
$104,138.79$99,498.44$4,640.35$0.00
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How the EMI calculator works

Equated Monthly Installment (EMI) is the fixed amount you pay each month toward a loan. This tool splits that payment into principal and interest using the standard reducing-balance formula. All math runs in your browser. Nothing is sent to a server.

Enter the loan amount, annual interest rate, and tenure. Results update as you type, including monthly EMI, total interest, total payment, and an optional amortization schedule. If your home loan has a long fixed period before annual rate resets, the 10/1 ARM mortgage calculator models that adjustable-rate path. Before you commit to a payment, the 28/36 rule calculator checks whether that EMI fits common front-end and back-end DTI limits.

EMI formula

EMI=P×r×(1+r)n(1+r)n−1\mathrm{EMI} = P \times r \times \frac{(1 + r)^{n}}{(1 + r)^{n} - 1}

P is the principal, r is the monthly interest rate, and n is the number of months. If the interest rate is zero, EMI is principal divided by months:

EMI=Pn\mathrm{EMI} = \frac{P}{n}

If you need a weekly, biweekly, or quarterly installment, or you want to solve for the rate or term instead of the payment, the advanced loan calculator uses the same amortizing formula with separate compounding and payment frequencies.

Frequently asked questions

What is EMI?
EMI is a fixed monthly payment that covers both interest and principal so the loan is fully repaid by the end of the tenure.
Does a higher tenure reduce EMI?
Yes. Spreading the same principal over more months lowers the monthly EMI, but you pay more interest overall.
Is this calculator for home loans only?
No. The same formula works for home, car, personal, and education loans as long as the rate and tenure are known.
Are the results stored?
No. Changing the fields only updates the page URL so you can copy and share your inputs.
Which currency is used?
Amounts are formatted in US dollars (USD).

Resources and references

The formulas and methods in this calculator were checked against these independent sources.