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About the EMI Calculator
This EMI calculator computes your Equated Monthly Installment for home loans, personal loans, car loans, and other financing. Enter your loan details and get the monthly payment, total interest payable, and a full amortization schedule. It also breaks down each installment into principal and interest.
The calculator uses the standard amortization formula 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 installments. You need three inputs: loan amount, annual interest rate, and tenure. Compare a few tenure options to see the tradeoff between a lower monthly payment and higher total interest. For major borrowing decisions, consider consulting a financial professional.
- Enter the loan amount you plan to borrow.
- Add the annual interest rate offered by your lender.
- Choose the tenure in months or years and view your EMI with the full amortization schedule.