EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home loans, car loans, and personal loans.
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Monthly EMI
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Principal Amount$...
Total Interest$...
Total Payment$...
Understanding 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 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 is EMI Calculated?
The mathematical formula to calculate EMI is: E = P x R x (1+R)^N / [(1+R)^N-1]
- P stands for the Principal loan amount.
- R is the monthly interest rate (annual rate divided by 12).
- N is the number of monthly installments (loan tenure in months).