EMI Calculator
Calculate Equated Monthly Installment for personal, home and vehicle loans.
24 months (2 years)
Cost Breakdown
Balance & Interest Over Time
Enter an extra amount to see how much interest you'd save.
Results are estimates for informational purposes only. Consult a financial advisor for personalised advice.
How to use
- 1
Pick the loan type that matches your situation
- 2
Enter the loan amount, interest rate and term
- 3
See your monthly payment, total interest and full schedule instantly
Free EMI Calculator โ Equated Monthly Installment for Any Loan
Calculate EMI (Equated Monthly Installment) for personal loans, home loans, and car loans instantly. See total interest, total payment and full repayment schedule. Free.
EMI stands for Equated Monthly Installment โ the fixed monthly amount you pay to repay a loan within an agreed time period. Each EMI payment covers part of the principal and part of the interest, calculated so that the loan is fully paid off by the last payment. The EMI formula is identical to the standard PMT formula used globally, making this calculator equally useful worldwide.
EMI calculators are most commonly used in South Asia (India, Pakistan, Sri Lanka) and the Middle East for home loans, personal loans, vehicle loans, and mobile phone purchase plans. The three variables that determine your EMI are the principal (P), the annual interest rate (R), and the number of monthly installments (N). Changing any one of these significantly affects the others.
When planning a loan, use this calculator to work backwards: if you can afford a maximum monthly EMI of $500, adjust the principal and term until the calculated EMI fits your budget. The amortization table shows you exactly when the loan will be paid off and how much interest you'll pay in total.
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is a fixed monthly payment made to a lender to repay a loan. Each payment covers a portion of the loan principal and the interest accrued for that month, calculated so the loan is fully repaid by the final payment.
What is the EMI formula?
EMI = P ร r ร (1+r)^n / ((1+r)^n โ 1), where P = principal loan amount, r = monthly interest rate (annual rate รท 12 รท 100), and n = number of monthly installments. This is also known as the PMT (payment) formula in Excel.
How can I reduce my EMI?
Three ways: 1) Reduce the loan amount by making a larger down payment, 2) Negotiate a lower interest rate (improve your credit score), 3) Increase the loan tenure โ but note that a longer tenure means more total interest paid.
Is a lower EMI always better?
Not necessarily. A lower EMI often comes from a longer loan tenure, which means you pay more total interest. A higher EMI over a shorter period costs less overall. Use this calculator to compare total interest paid across different tenure options.
What is the difference between flat rate and reducing balance EMI?
Flat rate interest is calculated on the original principal throughout the tenure. Reducing balance interest is calculated on the outstanding principal each month, which decreases as you repay. Reducing balance is more favourable to the borrower and is the method used in this calculator.
Can I prepay my EMI loan?
Most loans allow prepayment, but some charge a prepayment penalty. Use the 'Extra Payment' feature to see how making lump-sum or regular extra payments reduces the total interest and loan tenure.
How many EMIs will I pay?
The number of EMIs equals the loan tenure in months. A 3-year loan = 36 EMIs, a 5-year loan = 60 EMIs, a 20-year home loan = 240 EMIs. The amortization schedule shows every single payment.
Does the EMI change over time?
For fixed-rate loans, no โ the EMI stays constant throughout the tenure. For floating-rate loans, the EMI (or the tenure) changes when the interest rate changes.
You might also like
Other tools you might find useful.