EMI Calculator
Calculate your Equated Monthly Installment (EMI) for any fixed-rate loan in India or elsewhere. See a detailed payment schedule with a principal and interest breakdown. Perfect for home loans, car loans, and personal loans.
Inputs
Enter the required values to calculate.
Result
The calculated result will appear here.
More Information
Understanding the EMI Calculator
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
How EMI is Calculated
The calculator uses the following standard formula to determine your EMI:
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)
- P is the Principal loan amount.
- r is the monthly interest rate (your annual rate divided by 12).
- n is the number of monthly installments (the loan term in years multiplied by 12).
Principal vs. Interest
The chart and amortization schedule clearly show how each EMI payment is divided between paying down your principal and paying the interest. In the early stages of a loan, a larger portion of your payment goes toward interest. As the loan matures, this shifts, and more of your payment goes toward reducing the principal.
This calculator helps you understand your monthly financial commitment for any fixed-rate loan. For more detailed loan analysis, including taxes and insurance for a home loan, you can use our specialized Mortgage Calculator.