EMI Calculator

Estimate your monthly EMI and total interest for a loan based on amount, rate, and tenure.

How this calculator works

EMI (Equated Monthly Installment) spreads repayment across equal monthly payments. This calculator converts the annual rate into a monthly rate, uses the loan tenure in months, and computes the EMI that amortizes the loan.

Formula used

Let P be principal, r be monthly interest rate, and n be number of months:
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
If r = 0, then EMI = P / n.

Example calculation

For a loan of 500,000 at 10.5% per year for 5 years: the calculator uses n = 60 months and monthly rate r = 10.5/12/100 to compute EMI, then totals.

FAQs

  • Why do I need tenure in months? EMI is a monthly payment, so the formula uses total months.
  • What if my rate is 0%? The EMI becomes a simple division of principal by months.
  • Are taxes/fees included? No. This is a basic EMI estimate without extra charges.