EMI Calculator

How It Works

EMI spreads a loan's principal and interest into equal monthly payments over the loan term, so early payments are weighted more toward interest and later payments more toward principal, even though each payment amount stays the same.

Formula

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments.

Example

A loan of 500,000 at 8.5% annual interest over 60 months results in a monthly EMI of roughly 10,258, for a total repayment of about 615,480 and total interest of about 115,480.

Frequently Asked Questions

What happens if I enter a 0% interest rate?

The calculator switches to a simple even split of the principal across the loan term, since the standard EMI formula requires dividing by the interest rate.

Is EMI the same every month?

Yes, for a fixed-rate loan the EMI amount stays constant for the whole term; only the split between principal and interest within each payment changes over time.

Does this include fees or insurance?

No, this calculator computes principal and interest only. Your actual loan payment may be higher if your lender adds fees, taxes or insurance.