Calculate your loan EMI (Equated Monthly Installment) in seconds. Enter your loan amount, annual interest rate, and loan tenure to get your monthly EMI, total interest payable, and total repayment amount. A full amortization schedule breaks down every payment by principal and interest. Also try the use the Loan vs Line of Credit Calculator.
Monthly EMI
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Total Interest Payable
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Total Repayment Amount
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Principal %
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Interest %
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EMI stands for Equated Monthly Installment — a fixed monthly payment made to a lender to repay a loan over a set period. It 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 ÷ 12), and N is the total number of monthly installments. See also our First Payment Amount — Amortization - Equal Principal Payments.
An online EMI calculator saves you from complex manual calculations and gives you instant, accurate results. It helps you compare different loan amounts, tenures, and interest rates so you can plan your finances better and choose the loan option that best fits your budget.
Three key factors affect your EMI: the loan principal (higher loan = higher EMI), the interest rate (higher rate = higher EMI), and the loan tenure (longer tenure = lower EMI but higher total interest paid). Improving your credit score can help you negotiate a lower interest rate and reduce your EMI.
Yes, a longer tenure lowers your monthly EMI by spreading repayments over more months. However, it also means you pay significantly more total interest over the life of the loan. It's a trade-off between manageable monthly payments and overall loan cost. You might also find our Loan Payment Calculator useful.
An amortization schedule is a complete table of loan payments showing the breakdown of each monthly EMI into principal and interest components, along with the outstanding balance after each payment. In the early months, a larger portion goes toward interest; over time, more goes toward the principal.
Yes. This EMI calculator works for any type of amortized loan — home loans, car loans, personal loans, education loans, or any fixed-rate loan. Simply enter the correct loan amount, interest rate, and tenure for whichever loan you're evaluating.
A flat interest rate is charged on the entire principal throughout the loan tenure, resulting in a higher effective cost. A reducing balance (or diminishing balance) rate charges interest only on the outstanding principal, which decreases with each EMI payment — this is the standard method used by most banks and the one this calculator uses.
Making a partial prepayment reduces the outstanding principal, which in turn reduces the total interest you pay. Depending on your lender, prepayment can either lower your future EMI amount or shorten your remaining loan tenure. Many lenders charge a prepayment penalty, so it's worth checking your loan agreement first.