Free EMI Calculator
Enter the loan amount, annual interest rate and tenure to get your Equated Monthly Installment instantly — plus total interest payable and a year-by-year amortization summary showing how each payment splits.
How to Use the EMI Calculator
- Enter the loan amount, annual interest rate and tenure.
- Click Calculate EMI.
- See your monthly installment, total interest and the yearly payoff summary.
Features
Uses the standard EMI formula with monthly compounding, then builds a full amortization schedule: principal vs interest per year and the shrinking balance, so you see exactly where your money goes.
Benefits & Use Cases
Borrowers compare loan offers on true cost rather than headline rates, and home buyers test how tenure changes both the EMI and lifetime interest before committing.
Tips
A longer tenure lowers the EMI but sharply raises total interest — check the summary table before stretching a loan. Even small extra prepayments early on save disproportionate interest.
Frequently Asked Questions
What is EMI?
Equated Monthly Installment: the fixed amount you pay each month toward a loan, covering both principal and interest.
How is EMI calculated?
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where r is the monthly rate and n the number of payments.
Why is early EMI mostly interest?
Interest is charged on the outstanding balance, which is largest at the start — so early payments are interest-heavy by design.
Does prepaying reduce interest?
Yes — prepayments cut the principal directly, shrinking all future interest. Prepaying early in the tenure saves the most.
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