EMI Calculator

Our free EMI Calculator helps you calculate the Equated Monthly Instalment (EMI) for any loan — home loan, car loan, or personal loan. Enter the loan amount, annual interest rate, and tenure in months to get your exact monthly payment.

What is EMI?

EMI (Equated Monthly Instalment) is a fixed payment made by a borrower to a lender every month on a fixed date. It consists of both principal and interest components that together pay off the loan fully over the tenure.

EMI Formula

The formula for EMI is:

EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)

• P = Principal loan amount
• r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
• n = Loan tenure in months

Example

Loan of $5,00,000 at 10% annual interest for 5 years (60 months):
r = 10/12/100 = 0.00833
EMI = 5,00,000 × 0.00833 × (1.00833)⁶⁰ / ((1.00833)⁶⁰ − 1) = $10,624/month

Frequently Asked Questions

Does EMI change if I prepay part of the loan?

Yes. Prepayment reduces the outstanding principal, which reduces either the EMI amount or the tenure depending on your bank's policy.

What is the difference between EMI and simple loan repayment?

EMI combines both principal and interest in each payment, while simple repayment may only cover interest with a balloon principal at the end.

Is this EMI calculator free?

Yes, completely free with no sign-up required.