EMI Calculator
Calculate your Equated Monthly Installment (EMI) for any loan with our free online EMI Calculator. Plan your finances better by understanding your monthly payments, total interest, and payment schedule.
Payment Breakdown
Year-wise Principal vs Interest
Amortization Schedule
| Year | Principal Paid | Interest Paid | Total Payment | Balance |
|---|
Key Features
How to Use This Calculator
Benefits
Understanding EMI
The EMI Calculator helps you determine the fixed monthly payment amount for any loan, whether it's a home loan, car loan, personal loan, or education loan. EMI stands for Equated Monthly Installment, which is the fixed payment amount made by a borrower to a lender at a specified date each month.
The EMI formula is: EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P is the principal loan amount, R is the monthly interest rate (annual rate divided by 12), and N is the number of monthly installments.
Each EMI payment consists of two components: principal repayment and interest payment. In the early stages of the loan, a larger portion goes toward interest. As the loan matures, more of your payment goes toward reducing the principal balance.
Understanding your EMI helps you plan your monthly budget effectively. Before taking a loan, use this calculator to ensure the EMI fits comfortably within your income. Financial experts recommend that your total EMIs should not exceed 40% of your monthly income.
Our calculator also generates a complete amortization schedule showing the breakdown of principal and interest for each month. This helps you understand exactly how your loan will be paid off over time and how much total interest you'll pay.