EMI Calculator

EMI (Equated Monthly Installment) 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.

Our EMI calculator helps you determine your monthly payment amount and provides a detailed amortization schedule showing how much of each payment goes toward principal and interest.

EMI Formula:

EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]

Where:

• P: Principal loan amount
• r: Monthly interest rate (annual rate ÷ 12)
• n: Number of months

Understanding EMI Components:

• Principal: The original loan amount
• Interest: Cost of borrowing money
• Tenure: Loan repayment period
• Processing Fee: One-time charge by lender

Features:

• Flexible tenure input (years or months)
• Visual principal vs interest breakdown
• Detailed amortization schedule
• Total interest calculation
• Shareable calculation links

Tips for Lower EMI:

• Make a higher down payment
• Choose longer tenure (increases total interest)
• Compare interest rates across lenders
• Consider prepayment options
• Maintain good credit score