EMI Calculator

Calculate your equated monthly installment (EMI) for any loan and plan your finances better.

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Loan Details

$
$100,000
$1K $1M
%
5%
0.1% 30%
10 Years
1 Year 30 Years

EMI Calculation Results

Monthly EMI

$1,060.66

Per month

Total Interest

$27,279.20

Over loan tenure

Total Payment

$127,279.20

Principal + Interest

Loan Amortization Schedule

Year Principal Paid Interest Paid Total Payment Remaining Balance

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.

Frequently Asked Questions

What factors affect my EMI?

How can I reduce my EMI?

Can I pay more than my EMI amount?

What happens if I miss an EMI payment?

How accurate is this EMI calculator?

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