🏦 EMI / Loan Calculator
Quick answer
EMI (Equated Monthly Installment) is the fixed payment made every month to repay a loan. It is calculated as EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 1200), and n is the number of monthly payments. Early payments are mostly interest; later payments are mostly principal.
Monthly EMI (60 payments)
| Principal amount | $25,000.00 |
| Total interest payable | $6,502.79 |
| Total payment (principal + interest) | $31,502.79 |
Amortization schedule (yearly)
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $4,101.08 | $2,199.48 | $20,898.92 |
| 2 | $4,508.10 | $1,792.46 | $16,390.83 |
| 3 | $4,955.52 | $1,345.04 | $11,435.31 |
| 4 | $5,447.34 | $853.22 | $5,987.97 |
| 5 | $5,987.97 | $312.59 | $0.00 |
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How to use the EMI / Loan Calculator
- Enter the loan amount you want to borrow.
- Enter the annual interest rate offered by the lender.
- Set the tenure in years and any extra months.
- Optionally change the currency symbol to your own currency.
- Click "Calculate EMI" to see the monthly payment, total interest and the year-by-year schedule.
Frequently asked questions
What is the EMI formula?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate divided by 1200), and n is the tenure in months. If the interest rate is 0, EMI is simply P ÷ n.
Does a longer tenure reduce my EMI?
Yes — spreading the loan over more months lowers each monthly payment, but you pay interest for longer, so the total interest and total cost of the loan go up.
What is an amortization schedule?
It is a table showing how every payment is split between interest and principal, and the remaining balance over time. In the first years most of each EMI is interest; towards the end, most of it repays the principal.