Loan EMI Calculator
Find out your monthly EMI for any loan — home, car, personal. Shows total interest paid and a full month-by-month amortisation schedule.
Calculate your EMI
Monthly EMI
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Total Amount Paid
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Total Interest
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Interest Share
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How EMI is Calculated
The EMI formula uses compound interest to spread repayment equally across all months:
EMI = P × r × (1+r)^n / [(1+r)^n − 1]
Where P = Principal, r = monthly interest rate (annual rate ÷ 1200), n = number of months.
How Amortisation Works
In early months, most of your EMI goes toward interest because the outstanding balance is high. As the balance falls, the interest portion shrinks and more of each payment goes to the principal. This is why prepaying a loan early has an outsized impact on the total interest saved.
Frequently Asked Questions
EMI stands for Equated Monthly Instalment. It is the fixed amount you pay each month to repay a loan, consisting of both principal and interest.
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 instalments.
Yes. A higher EMI shortens the loan tenure, which reduces the total interest paid over the life of the loan.
An amortisation schedule is a month-by-month breakdown showing how much of each payment goes towards principal and how much goes towards interest. Early payments are interest-heavy; later payments shift towards principal.
Most lenders allow prepayments, which reduce the outstanding principal and therefore the total interest. Check your loan agreement for prepayment charges.