EMI Calculator
Calculate monthly EMI, total repayment amount, and interest for personal, car, and home loans.
About the EMI Calculator
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender on a set date each calendar month. EMIs apply to personal, home, and auto loans.
The EMI Formula
EMI = [P × R × (1+R)N] / [(1+R)N - 1]
- P: Principal loan amount
- R: Monthly interest rate (Annual Rate / 12 / 100)
- N: Number of monthly installments
Worked Example
For a loan of $250,000 at 7.5% annual interest over 60 months:
- Monthly Rate (R): 7.5 / 12 / 100 = 0.00625
- Monthly EMI: ~$5,009.00
- Total Repayment: ~$300,540.00
- Total Interest: ~$50,540.00
Frequently Asked Questions
Can I prepay part of my loan to reduce EMI?
Yes. Prepayments reduce the principal balance, which allows you to either reduce your remaining monthly payment or shorten your loan term.
Does a fixed rate loan change my EMI?
No. In fixed-rate arrangements, your monthly EMI remains constant throughout the tenure. Floating-rate loans fluctuate with benchmark rate revisions.
Are administrative and loan processing fees included?
No. Processing charges and documentation fees are paid upfront during disbursement and are not factored into the basic amortization schedule.
How does extending tenure affect my interest?
Extending your loan tenure lowers your monthly payment obligation, but increases total cumulative interest paid over the life of the loan.
Calculate in three steps
- 1Enter your valuesUse the fields above and check the units shown beside each input.
- 2Run the calculationSelect Calculate to refresh the result with your latest values.
- 3Review or shareCompare the result, reset the form, print it, or share this page.