EMI Calculator
Calculate your loan EMI in seconds. Free, no signup. See monthly payment and total interest.
Use the EMI calculator below.
This EMI calculator helps you find your Equated Monthly Installment for any loan. Enter the loan amount, interest rate, and tenure to see your monthly payment, total interest, and total amount payable. Use it for home loans, car loans, or personal loans. Results are instant and free.
How to use EMI Calculator
Enter loan amount
Input the total amount you want to borrow (principal).
Enter interest rate
Enter the annual interest rate offered by your lender.
Enter tenure
Select or enter the loan tenure in months or years.
View results
See your monthly EMI, total interest, and total amount payable.
Features
- Instant results — no waiting or signup.
- Free to use — no hidden fees.
- No login or account required.
- Works on all devices — desktop, tablet, and mobile.
- Your data stays private — we do not store your inputs.
Why use this calculator
- Plan your budget before you borrow — see exactly what you will pay each month.
- Compare different loan amounts, rates, and tenures in seconds.
- Understand total interest so you can choose the right tenure.
- Free and private — no signup, we do not store your numbers.
Supported browsers and devices
- All modern browsers (Chrome, Firefox, Safari, Edge).
- Mobile-friendly — use on phone or tablet.
- No app download — runs in your browser.
Frequently asked questions
Complete guide to EMI Calculator
What is EMI?
EMI stands for Equated Monthly Installment — the fixed amount you pay each month toward your loan. Each EMI includes both principal repayment and interest. In the early years, a larger share goes to interest; over time, more goes toward paying off the principal. Understanding your EMI helps you plan your budget and compare loan offers.
EMI calculation formula
This formula is used for reducing-balance loans, which is the standard for most home loans, car loans, and personal loans. The monthly rate is the annual rate divided by 12 and converted to decimal.
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1]
P = principal (loan amount), R = monthly interest rate (annual rate ÷ 12 ÷ 100), N = tenure in months.
Real-world EMI examples
Home loan — $500,000 at 7% for 30 years
- Loan amount: $500,000
- Interest rate: 7% p.a.
- Tenure: 30 years (360 months)
Monthly EMI ≈ $3,330. Total interest over 30 years ≈ $698,000. A 0.5% lower rate would save roughly $55,000 in interest.
Car loan — $35,000 at 8% for 5 years
- Loan amount: $35,000
- Interest rate: 8% p.a.
- Tenure: 5 years (60 months)
Monthly EMI ≈ $710. Total interest ≈ $7,600. Shorter tenure (e.g. 3 years) raises EMI but cuts total interest.
Personal loan — $15,000 at 14% for 3 years
- Loan amount: $15,000
- Interest rate: 14% p.a.
- Tenure: 3 years (36 months)
Monthly EMI ≈ $513. Total interest ≈ $3,460. Personal loans typically have higher rates; compare multiple lenders.
Loan types and typical interest rates
| Loan type | Typical rate (p.a.) | Typical tenure |
|---|---|---|
| Home loan / Mortgage | 6% – 9% | 15 – 30 years |
| Car loan | 6% – 12% | 3 – 7 years |
| Personal loan | 10% – 24% | 1 – 5 years |
| Education loan | 6% – 14% | 5 – 15 years |
Factors that affect your EMI
- Principal amount: A higher loan amount increases your EMI.
- Interest rate: Even a 0.5% difference can change total interest significantly over the term.
- Tenure: Longer tenure lowers EMI but increases total interest paid.
- Credit score: A better score often gets you a lower rate and thus a lower EMI.
- Down payment: A larger down payment reduces the principal and therefore the EMI.
EMI vs tenure: how to choose?
A longer tenure lowers your monthly EMI but increases total interest. For example, a $300,000 loan at 7% for 20 years gives an EMI of about $2,326 and total interest of about $258,000. The same loan over 30 years gives an EMI of about $1,996 but total interest of about $418,000 — roughly $160,000 more. Choose a tenure that keeps your EMI within 30–35% of take-home pay while minimizing total cost if you can afford a higher payment.
How to reduce your EMI or total interest
- Make a larger down payment to reduce the principal.
- Improve your credit score to qualify for lower rates.
- Compare offers from multiple banks and lenders.
- Choose a shorter tenure if you can afford a higher EMI (saves total interest).
- Make occasional prepayments to reduce principal and interest.
- Consider refinancing or balance transfer if another lender offers a lower rate.
EMI and your income (debt-to-income)
Lenders often cap your total EMIs at 40–50% of your monthly income (debt-to-income ratio). For a comfortable budget, many advisors suggest keeping total EMIs under 30–35% of take-home pay. Use this EMI calculator to see how different loan amounts and tenures affect your monthly payment before you apply.
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Disclaimer
Our financial calculators are for informational and educational purposes only. Results are estimates based on the inputs you provide and standard formulas. They are not financial, tax, or legal advice. We do not store or share the numbers you enter.