EMI Calculator

EMI Calculator works out the equated monthly instalment on a loan: the fixed amount you pay each month until the loan is cleared, covering both interest and principal.

The formula is EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of months. The monthly rate is the annual rate divided by twelve. The instalment stays the same every month, but what it is made of changes: at the start most of it is interest, and by the end most of it is principal.

That split is why the schedule matters more than the EMI figure alone. On a long loan, two years of payments can reduce the balance by surprisingly little, and people are often caught out by this when they try to settle early. The full schedule here shows the interest, the principal and the outstanding balance for every month.

EMI calculations are the same arithmetic everywhere, whatever the loan is called: a car loan, a personal loan, a home loan or a consumer finance agreement all use it. What differs is the rate and any fees, and fees are not part of the EMI formula, so a loan with a low EMI and a large arrangement fee may cost more overall than one with a higher EMI.

This is arithmetic, not financial advice. It tells you what the numbers do; it cannot tell you whether a decision is right for your circumstances. For anything that matters, check the figures against the actual offer and talk to someone qualified.

Everything is worked out inside your browser. Nothing you enter is uploaded, logged or stored, which matters for the financial calculators in particular: the figures you put into them are nobody else's business.

• EMI from the standard formula, with the working shown
• Total interest and total amount payable
• Full month-by-month schedule of interest, principal and balance
• Tenure in months or years
• Interest as a percentage of what you repay in total
• Any currency, because the arithmetic does not care
• Runs in your browser; nothing is sent anywhere

The emi calculator is used by writers, developers, students, marketers and anyone else who needs the job done once without installing software. Common cases include:

• Checking a bank's quoted EMI before signing
• Working out what tenure keeps the instalment affordable
• Seeing how much of an early payment goes on interest
• Comparing two loan offers at different rates
• Explaining to somebody why their balance has barely moved