EMI Calculator
Calculate your monthly loan EMI and full repayment schedule
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What is EMI?
EMI (Equated Monthly Installment) is the fixed monthly payment you make toward a loan until it's fully repaid. Each installment covers a portion of the principal and a portion of the interest, structured so that early payments are interest-heavy and later payments are principal-heavy.
How EMI Is Calculated
This calculator uses the standard amortization formula:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
P = Principal loan amount
r = Monthly interest rate (Annual interest rate ÷ 12 ÷ 100)
n = Number of monthly installments
P = Principal loan amount
r = Monthly interest rate (Annual interest rate ÷ 12 ÷ 100)
n = Number of monthly installments
Example Calculation
For a loan of $25,000 at 10.5% annual interest over 5 years (60 months), the monthly EMI works out to approximately $537, with total interest of about $7,220 paid over the loan term.
What Affects Your EMI
- Loan amount — a higher principal means a higher EMI.
- Interest rate — even a small rate difference changes the EMI and total interest significantly.
- Tenure — a longer tenure lowers the EMI but increases total interest paid.
Frequently Asked Questions
EMI (Equated Monthly Installment) is a fixed monthly payment you make to repay a loan, made up of both principal and interest.
You can lower your EMI by: 1) choosing a longer tenure, 2) making a larger down payment to reduce the principal, 3) negotiating a lower interest rate, or 4) making partial prepayments when possible to shrink the outstanding balance.
Yes, for a standard fixed-rate loan the EMI amount stays constant for the full tenure — only the split between principal and interest within each payment changes over time, as shown in the repayment schedule.
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