EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home loan, car loan, personal loan
Monthly EMI
₹18,622
Total Interest Payable
₹7,34,646
Total Payment
₹22,34,646
Principal
67%
Principal Amount
Interest Amount
Amortization Schedule
| Year | Principal Paid (YTD) | Interest Paid (YTD) | Total Payment (YTD) | Outstanding Principal |
|---|
Understanding EMI
An 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 used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.
How EMI is Calculated
The EMI calculation uses a specific formula that takes into account the loan amount, interest rate, and loan tenure.
EMI Formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N-1]
Where:
P = Principal Loan Amount
R = Monthly Interest Rate (Annual Rate/12/100)
N = Loan Tenure in Months
EMI = [P × R × (1+R)^N] / [(1+R)^N-1]
Where:
P = Principal Loan Amount
R = Monthly Interest Rate (Annual Rate/12/100)
N = Loan Tenure in Months
Using the EMI Calculator
Our EMI calculator helps you plan your loan repayment by showing:
- Monthly EMI: The fixed amount you’ll pay each month
- Total Interest Payable: The total interest you’ll pay over the loan tenure
- Total Payment: The sum of principal and total interest
- Amortization Schedule: A year-by-year breakdown of your payments
Loan Planning Tips
When planning for a loan, consider these factors:
- Affordability: Ensure your EMI doesn’t exceed 40-50% of your monthly income
- Tenure: A longer tenure reduces EMI but increases total interest paid
- Prepayment: Check if your lender allows prepayment without penalties
- Credit Score: A higher credit score may help you secure better interest rates
Use this calculator to compare different loan scenarios and choose the one that best fits your financial situation.