EMI Calculator
Work out your monthly instalment for a home, auto, or personal loan in seconds — with a full month-by-month amortization breakdown.
Loan details
Amortization schedule
| Year | Principal paid | Interest paid | Total paid | Balance remaining |
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What is EMI and how does it work?
An EMI, or Equated Monthly Instalment, is the fixed amount you pay a lender every month until a loan — home, auto, or personal — is fully repaid. Each instalment blends two parts: interest on the outstanding balance, and a portion of the principal itself. Early in the loan, interest makes up most of the payment; toward the end, most of it goes toward principal, even though the total EMI stays the same throughout the tenure.
The EMI formula, explained
Lenders and EMI calculators use a standard reducing-balance formula to work out your monthly instalment:
Where P is the loan principal, R is the monthly interest rate (annual rate divided by 12, then by 100), and N is the total number of monthly instalments. This calculator runs that formula instantly as you move the sliders, so you never have to do the math by hand.
What affects your EMI amount
Three variables decide how much you'll pay every month:
- Loan amount (principal) — a larger loan means a larger EMI, all else equal.
- Interest rate — even a small rate difference compounds into a meaningfully different EMI and total interest over a long tenure.
- Loan tenure — stretching repayment over more years lowers the monthly EMI, but increases the total interest you'll pay over the life of the loan.
Ways to lower your EMI
If your current EMI feels tight, a few options can bring it down: make a lump-sum prepayment to shrink the outstanding principal, refinance the loan at a lower interest rate if market rates have dropped, or negotiate a longer tenure with your lender. Each trade-off is different — prepaying and refinancing both reduce total interest paid, while extending tenure lowers the monthly amount but usually raises the total cost.
Fixed vs. floating interest rates
A fixed-rate loan keeps your EMI constant for the entire tenure, which makes budgeting predictable. A floating-rate loan moves with the market — your EMI (or tenure) can rise or fall as the lender's benchmark rate changes. Floating rates often start lower, but carry more uncertainty over a long repayment period.
Reading your amortization schedule
The schedule above breaks every payment into principal and interest so you can see exactly how your balance shrinks over time. Switch to the monthly view to plan around a specific payment date, or stay on yearly to see the big picture — useful when comparing how much interest you'd save by paying off the loan a few years early.
EMI calculator — common questions
EMI (Equated Monthly Instalment) is a fixed payment you make to a lender each month until a loan is fully repaid. It combines both principal and interest, calculated so the amount stays the same every month, even though the split between principal and interest changes over the loan term.
EMI is calculated using EMI = P × R × (1+R)^N / [(1+R)^N − 1], where P is the loan principal, R is the monthly interest rate, and N is the number of monthly instalments. This calculator runs that formula for you instantly.
Yes — a longer tenure spreads the same principal over more months, lowering the monthly EMI. However, it also increases the total interest you pay over the life of the loan, so it ends up costing more overall.
Three factors determine your EMI: the loan principal, the annual interest rate, and the loan tenure. A higher principal or rate increases your EMI, while a longer tenure decreases it but raises total interest paid.
Yes. Making a partial prepayment toward the principal, refinancing at a lower interest rate, or extending the tenure through a lender-approved restructuring can all lower your monthly EMI.
Yes, this EMI calculator is completely free, requires no sign-up, and gives instant results along with a full month-by-month or year-by-year amortization schedule.