EMI Calculator
Estimate your monthly EMI (Equated Monthly Installment) for a home, car, or personal loan, along with total interest and total payment.
This calculator gives an estimate using the standard reducing-balance EMI formula. Actual EMI may vary based on your lender's terms, processing fees, and exact interest calculation method.
What is EMI?
EMI stands for Equated Monthly Installment — a fixed payment amount made by a borrower to a lender at a specified date each month, covering both principal and interest, until the loan is fully repaid.
How is EMI calculated?
EMI is calculated using the formula EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P is the loan principal, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the number of monthly installments.
Does a higher tenure mean a lower EMI?
Yes — a longer tenure spreads the same loan amount over more installments, which lowers the monthly EMI, but increases the total interest paid over the life of the loan.
Is this EMI calculator accurate for all loan types?
It applies to standard reducing-balance loans (most home, car, and personal loans). Some lenders use flat-rate interest or add processing fees and insurance, which this calculator doesn't account for — always confirm the exact figure with your lender.