EMI Calculator
Calculate your monthly loan payments with our easy-to-use EMI calculator. Simply enter your loan details to see your payment breakdown.
Loan Details
Enter your loan details above to calculate your EMI
Payment Summary
Monthly Payment
1,000
Total Interest
20,000
Principal Amount
100,000
Total Interest
20,000
Total Payment
120,000
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|
Loan Comparison
About EMI Calculator
An Equated Monthly Installment (EMI) 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 fully paid off along with interest.
How EMI is Calculated
The EMI calculation formula is:
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1]
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate divided by 12 and then by 100)
- n = Loan tenure in months
EMI Calculator Benefits
- Plan your finances by knowing your exact monthly outgo
- Compare loan options from different lenders
- Understand how tenure affects your EMI and total interest
- Make informed decisions about prepayment or foreclosure