Loan EMI Calculator

Calculate monthly EMI for any loan with principal, rate, and tenure.

Loan Amount ($)

Annual Interest Rate (%)

Tenure (Months)

About the Loan EMI Calculator

An Equated Monthly Installment (EMI) is the fixed amount you pay each month toward a loan until it's fully repaid. It combines both principal and interest into a single payment, so the balance goes down a little more with every installment even though the payment itself never changes.

This calculator works for any type of loan — personal, auto, home, or business — as long as you know the principal amount, the annual interest rate, and the loan tenure. It's useful for comparing loan offers before you commit, or for checking whether a lender's quoted EMI matches what you'd expect.

How to Use This Tool

1Enter the loan principal — the total amount you're borrowing.
2Enter the annual interest rate offered by the lender.
3Enter the loan tenure in months or years.
4The calculator instantly shows your monthly EMI, total interest paid, and total repayment amount.

How EMI is calculated

EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P is the principal, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the number of monthly installments.

Early in the loan, a larger share of each EMI goes toward interest; later payments shift more toward principal. This is why the outstanding balance drops slowly at first and faster near the end of the tenure.

Frequently Asked Questions

Does the EMI change over the loan tenure?

No — for a fixed-rate loan, the EMI stays the same every month. What changes internally is the split between interest and principal within each payment.

What happens if I make a prepayment?

A prepayment reduces the outstanding principal, which lowers either your remaining tenure or your EMI amount, depending on what your lender allows. This calculator shows the standard schedule without prepayments.

Is this calculator accurate for home loans with floating rates?

It gives an accurate EMI for the rate you enter, but floating-rate loans can change rates over time, which would change the EMI at each reset. Re-run the calculation with the new rate whenever it changes.