What is an EMI Calculator?
An EMI (Equated Monthly Instalment) is the fixed amount you repay each month on a home loan, car loan or personal loan, combining principal and interest. This calculator uses the standard EMI formula to show your exact monthly payment, total interest paid over the loan term, and total amount repaid — instantly, as you adjust the loan amount, interest rate or tenure.
How to Use This Tool
- Enter the loan amount you're borrowing.
- Enter the annual interest rate offered by your bank/lender.
- Enter the loan tenure in years — the EMI, total interest and total payment update instantly.
Tips for Comparing Loan Offers
- A lower EMI from a longer tenure usually means more total interest paid — compare the "Total Interest" figure, not just the EMI.
- Even a 0.5% difference in interest rate can change total interest by a meaningful amount over 15-20 years.
- Check whether your lender charges a processing fee or prepayment penalty — this calculator only covers EMI, not those extra costs.
Frequently Asked Questions
How is EMI calculated?
Using the standard formula EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly interest rate, and n is the number of months.
Is my loan data sent to a server?
No. The calculation happens entirely in your browser.
Last updated: August 2026