EMI Calculator: Calculate Monthly Loan EMI & Total Interest Instantly
Calculate your monthly EMI, total interest, principal and total loan repayment instantly.
Loan Details
Your EMI Result
About This EMI Calculator
This EMI Calculator helps you estimate the Equated Monthly Instalment payable on a loan. Enter the loan amount, annual interest rate and loan tenure to calculate your monthly EMI, total interest and total repayment.
It can be used for home loans, personal loans, car loans, education loans and other loans that use a standard amortizing EMI structure.
EMI Calculator Attributes
- Loan Amount: The principal amount borrowed.
- Interest Rate: Annual rate charged by the lender.
- Loan Tenure: Duration of the loan in years.
- Monthly EMI: Amount payable every month.
- Total Interest: Interest payable over the complete tenure.
- Total Payment: Principal plus total interest.
- Number of EMIs: Total monthly instalments.
- Principal Percentage: Share of repayment representing the original loan.
- Interest Percentage: Share of repayment representing interest.
- Calculation History: Stores recent calculations in your browser.
EMI Calculator Formula
The standard EMI formula used by this calculator is:
Where:
- P = Principal loan amount
- r = Monthly interest rate
- n = Total number of monthly instalments
Monthly Interest Rate
Total Interest
Total Repayment
Step-by-Step EMI Calculation Example
Suppose you borrow ₹10,00,000 at an annual interest rate of 8.5% for 20 years.
Step 1: Convert annual interest into monthly interest
Step 2: Convert tenure into months
Step 3: Apply the EMI formula
Step 4: Calculate total repayment
Step 5: Calculate total interest
The calculator performs these calculations automatically whenever you change the loan amount, interest rate or tenure.
Understanding Your EMI Results
- Monthly EMI tells you the approximate amount you pay each month.
- Principal is the amount originally borrowed.
- Total Interest represents the financing cost over the loan tenure.
- Total Payment is the sum of principal and interest.
- Number of EMIs tells you how many monthly payments are required.
A longer tenure generally reduces the monthly EMI but can increase the total interest paid. A shorter tenure generally increases the EMI but may reduce total interest.
Calculation History
Your recent calculations are saved locally in your browser. They are not sent to a server by this page.
| Loan | Rate | Tenure | EMI | Total Interest |
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Frequently Asked Questions
What is EMI?
EMI means Equated Monthly Instalment. It is the amount paid by a borrower every month toward repayment of a loan. It normally includes both principal and interest.
How is EMI calculated?
EMI is calculated using the principal amount, monthly interest rate and total number of monthly instalments. The standard formula is P × r × (1+r)^n / ((1+r)^n−1).
Does EMI include interest?
Yes. A standard amortizing EMI consists of a principal component and an interest component.
Can I use this for a home loan?
Yes. You can use the calculator for home loans, car loans, personal loans, education loans and similar amortizing loans.
Does a longer tenure reduce EMI?
Usually, yes. Extending the loan tenure spreads repayment across more months, which generally reduces the monthly EMI. However, the total interest paid can increase.
Can EMI change during a floating-rate loan?
Yes. For floating-rate loans, changes in the applicable interest rate can change the EMI, tenure or both depending on the lender's repayment structure.
Is this calculator an official loan quote?
No. It provides an estimate based on the numbers entered. Actual repayment can differ because of lender-specific rates, fees, taxes, insurance, processing charges, prepayments and other terms.