Loan Details
EMI Calculation Results
Monthly EMI
Per month
Total Interest
Over loan tenure
Total Payment
Principal + Interest
Loan Amortization Schedule
Year | Principal Paid | Interest Paid | Total Payment | Remaining Balance |
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How EMI Calculator Works
What is EMI?
Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month so that over a specified number of years, the loan is paid off in full.
EMI Calculation Formula
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1]
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual interest rate ÷ 12 ÷ 100)
- n = Loan tenure in months
Example Calculation
Let's say you're taking a loan of $100,000 at an interest rate of 5% for 10 years:
- Principal (P): $100,000
- Annual Interest Rate: 5%
- Monthly Interest Rate (r): 5% ÷ 12 ÷ 100 = 0.00417 (or 0.417%)
- Loan Tenure in Months (n): 10 years × 12 = 120 months
Applying the EMI formula:
EMI = [$100,000 × 0.00417 × (1+0.00417)^120] / [(1+0.00417)^120 - 1]
EMI = [$100,000 × 0.00417 × 1.647] / [1.647 - 1]
EMI = $1,060.66
Therefore, you will pay $1,060.66 every month for 10 years (120 months), totaling $127,279.20, out of which $27,279.20 is interest.
EMI Calculator Features
Instant EMI Calculation
Calculate your monthly installment amount instantly by entering the loan amount, interest rate, and tenure.
Visual Breakdowns
View detailed charts showing the breakdown of principal and interest payments throughout your loan tenure.
Amortization Schedule
Get a complete year-by-year amortization schedule to track how your loan balance decreases over time.