Converter and calculator

Loan EMI Calculator

Calculate monthly EMI, total interest, and total repayment for any loan. Enter the principal, interest rate, and tenure to get a full amortisation breakdown.

How to use Loan EMI Calculator

Unit converters guide for loan emi calculator users.

EMI (Equated Monthly Instalment) is the fixed monthly payment on a loan. It is calculated from the principal, the annual interest rate, and the loan term. This tool computes the EMI and shows the full amortisation schedule - every monthly payment broken into principal and interest components.

All calculation runs in your browser using the standard EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly rate, and n is number of months.

What this tool does

Calculates monthly EMI, total interest payable, and total amount repaid. Shows a month-by-month amortisation table.

How to use it

Enter the loan amount, annual interest rate (%), and tenure in months or years. The EMI and totals are shown instantly.

Amortisation schedule

Each month's payment is split into interest (higher early on) and principal (higher later). This is called an amortising loan.

Quick checklist

Enter the annual interest rate, not the monthly rate.
Processing fees are not included - add them to the principal for an accurate total cost.
Compare by total interest paid, not just monthly EMI.
Prepayment reduces total interest significantly - use the prepayment field if available.

Answers

Loan EMI Calculator FAQs

What is EMI?

Equated Monthly Instalment - the fixed monthly payment that repays both principal and interest over the loan term.

Why does early repayment mostly cover interest?

Interest is charged on the outstanding balance, which is highest at the start. As the principal reduces, each payment covers more principal and less interest.

Does this include processing fees?

No. Add one-time fees to the principal amount to get a true cost-of-borrowing figure.

What is the EMI formula?

EMI = P × r × (1+r)^n / ((1+r)^n − 1). P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = number of monthly instalments.

Methodology and examples

Loan EMI Calculator: formula, example, and use cases

Maintained by FormatNest. See the methodology, assumptions and sources below.

Formula or method

EMI uses principal, periodic interest rate, and number of payments in the standard fixed-payment loan formula.

Worked example

Example: enter the loan amount, annual rate, and term to compare monthly EMI and total interest.

Best use cases

Use it to compare loan offers and test different down payments or terms.

Important: For educational planning only. Rates, tax rules, fees, and eligibility vary; confirm important decisions with a qualified professional.

Editorial note: Review the input definitions, units and assumptions before relying on results. FormatNest methodology and privacy.