EMI Calculator
Calculate monthly EMI, total interest payable, and complete amortization schedule for loans.
Compute fixed monthly repayment amounts, cumulative interest, and month-by-month loan balances.
Monthly Equated Installment (EMI)
Loan Amortization Schedule
Detailed month-by-month repayment breakdown showing interest, principal, and remaining balance.
| Month | Monthly EMI | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|---|
| #1 | ₹43,391.16 | ₹7,974.50 | ₹35,416.67 | ₹49,92,025.50 |
| #2 | ₹43,391.16 | ₹8,030.98 | ₹35,360.18 | ₹49,83,994.52 |
| #3 | ₹43,391.16 | ₹8,087.87 | ₹35,303.29 | ₹49,75,906.66 |
| #4 | ₹43,391.16 | ₹8,145.16 | ₹35,246.01 | ₹49,67,761.50 |
| #5 | ₹43,391.16 | ₹8,202.85 | ₹35,188.31 | ₹49,59,558.65 |
| #6 | ₹43,391.16 | ₹8,260.95 | ₹35,130.21 | ₹49,51,297.70 |
| #7 | ₹43,391.16 | ₹8,319.47 | ₹35,071.69 | ₹49,42,978.23 |
| #8 | ₹43,391.16 | ₹8,378.40 | ₹35,012.76 | ₹49,34,599.83 |
| #9 | ₹43,391.16 | ₹8,437.75 | ₹34,953.42 | ₹49,26,162.08 |
| #10 | ₹43,391.16 | ₹8,497.51 | ₹34,893.65 | ₹49,17,664.57 |
| #11 | ₹43,391.16 | ₹8,557.70 | ₹34,833.46 | ₹49,09,106.86 |
| #12 | ₹43,391.16 | ₹8,618.32 | ₹34,772.84 | ₹49,00,488.54 |
How EMI Is Calculated
Mathematical formulas and step-by-step methods for computing equated monthly installments.
How EMI Is Calculated
P is the Principal loan amount, r is the monthly interest rate (Annual Rate ÷ 12 ÷ 100), and n is the total number of monthly installments (Tenure in Years × 12). For zero-interest loans, EMI = P ÷ n.
When to use: Use to evaluate monthly affordability, budget planning, loan comparisons, and interest obligations before borrowing.
Practical Calculation Examples
Real-world scenarios illustrating step-by-step numbers, inputs, and verified outputs.
Example 1: ₹50 Lakh Home Loan (8.5% for 20 Years)
Standard long-term home mortgage with monthly reducing balance calculation.
Example 2: ₹8 Lakh Vehicle Loan (9% for 5 Years)
Medium-term car or auto loan financing with fixed monthly installments.
Example 3: ₹10 Lakh Personal Loan (10% for 5 Years)
Standard personal loan financing with equal monthly installments.
Example 4: ₹5 Lakh 0% Interest Loan (5 Years)
Zero-cost promotional financing with equal monthly principal distribution.
Frequently Asked Questions
Common questions regarding formulas, methodologies, and calculation conventions.
How do I calculate EMI using a calculator?
To calculate EMI on this calculator, enter the principal loan amount, the annual interest rate percentage, and the loan tenure in years. The calculator immediately computes your monthly payment, total interest payable, total repayment amount, and a month-by-month amortization schedule.
What is an EMI calculator?
An EMI calculator is a financial tool that computes the Equated Monthly Installment (EMI) required to repay a loan over a specified period, breaking down each payment into principal repayment and interest charges.
How is EMI calculated?
EMI is calculated using the reducing-balance amortization formula: 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 ÷ 1200), and n is the total number of monthly installments (Tenure in Years × 12).
What factors affect EMI?
EMI depends on three primary variables: the principal loan amount (higher principal raises EMI), the annual interest rate (higher rates increase monthly interest charges), and the loan tenure (longer tenure lowers monthly EMI but increases total interest paid over time).
What is the difference between reducing-balance and flat-interest EMI?
In a reducing-balance method (used by this calculator and standard institutional loans), interest is calculated each month only on the remaining outstanding principal, meaning the interest component decreases over time as the principal is repaid. In a flat-interest method, interest is calculated on the entire original principal for the full loan tenure. Consequently, two loans with the same nominal interest rate can result in significantly different monthly EMI and total interest amounts depending on whether reducing-balance or flat-interest calculation is applied.
How is monthly interest calculated from an annual interest rate?
The annual interest rate is divided by 12 (months in a year) and then divided by 100 to convert the percentage into a monthly decimal fraction: r = Annual Rate ÷ 1200.
What happens if the interest rate is 0%?
At 0% interest, no interest charges accrue. The total principal is simply divided equally across the number of monthly payments: EMI = Principal ÷ Months.
How is total interest calculated?
Total Interest is calculated by multiplying the monthly EMI by the total number of installments and subtracting the original principal: Total Interest = (EMI × n) − Principal.
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