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Updated 2026 · By ToolFern

EMI Calculator

Work out your loan EMI in seconds. Enter the loan amount, annual interest rate and tenure to see your monthly installment, the total interest you will pay and the total payment, all calculated privately in your browser.

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Monthly EMI
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Total interest payable
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Total payment
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Principal amount

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where r is the monthly rate and n is the number of months. Figures are an estimate only and currency-neutral; your lender's exact EMI may differ. Not financial advice.

How to use this EMI calculator

  1. Loan amount, enter the principal you plan to borrow.
  2. Annual interest rate, enter the yearly rate your lender quotes, as a percentage.
  3. Loan tenure, enter the length of the loan and pick Years or Months.
  4. Read your monthly EMI, total interest and total payment, they update instantly as you type.

Nothing is submitted or stored: the numbers never leave your device, so you can compare loan options privately.

How EMI is calculated

EMI stands for Equated Monthly Installment, the fixed amount you repay each month on a reducing-balance loan. It is worked out with the standard amortisation formula:

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)

Here P is the loan amount (principal), r is the monthly interest rate and n is the number of months. The monthly rate is the annual rate divided by 12 and then by 100, so a 12% annual rate becomes 0.01 per month. If you enter the tenure in years, the calculator multiplies it by 12 to get the number of months first.

Once you have the EMI, the total payment is simply the EMI multiplied by the number of months, and thetotal interest payable is that total payment minus the original principal. The same math powershome loan EMI, car loan EMI and personal loan EMI, only the amount, rate and tenure change. If the rate is 0%, there is no interest, so the EMI is just the loan amount split evenly across the months.

Estimate only: This calculator assumes a fixed rate and even monthly compounding. Your real EMI may differ slightly because of processing fees, insurance, rounding rules, day-count conventions or rate changes. Always confirm the exact figures with your lender before committing.

Frequently asked questions

What is EMI?

EMI is the fixed Equated Monthly Installment you pay your lender every month until the loan is repaid. Each payment covers part of the principal plus interest on the remaining balance.

Can I use this for home, car and personal loans?

Yes. The formula is the same for any reducing-balance loan, so it works for home loan EMI, car loan EMI and personal loan EMI alike.

What if the interest rate is 0%?

With no interest the EMI is just the loan amount divided by the number of months, and the total interest is zero. The calculator handles this automatically.

Is my data uploaded?

No, everything is calculated on your device and nothing is sent anywhere.