EMI Calculator
Calculate EMI (Equated Monthly Installment) for a loan and view the full amortization schedule month by month.
EMI Calculator tool
Enter the nominal annual rate. This tool estimates using monthly rate = annual ÷ 12.
Prevents extremely large tables. Should be ≥ tenure.
| Month | Payment | Principal | Interest | Balance |
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Informational only. Lenders may use different rounding, compounding, fees, and due dates.
EMI is computed using the standard amortization formula for a fixed-rate loan. It assumes the interest rate and payment remain constant across the entire term.
Monthly interest is estimated as balance × (annualRate ÷ 12). Each payment covers interest first, and the remainder reduces principal. Over time the balance shrinks, so the interest portion generally decreases while the principal portion increases.
Use the amortization schedule to understand how much interest you pay early in the loan and how quickly the balance declines. For fees and “true cost of borrowing,” compare with an APR calculation.
Formula: M = P × (r(1+r)^n) ÷ ((1+r)^n − 1) (where r is monthly rate, n is number of months)
Examples
- Loan 500,000 at 9% for 60 months → EMI and schedule estimate
- Try 0% interest to see principal-only payments
- Compare different tenures to see how total interest changes
FAQ
- What is EMI?
EMI (Equated Monthly Installment) is the fixed monthly payment for a loan (principal + interest) assuming a constant interest rate and a fixed term.
- Is EMI the same as monthly payment?
In most standard amortizing loans, EMI is simply the monthly payment amount. Lenders may vary rounding rules, which can slightly change the final payment.
- What if the interest rate is 0%?
If the rate is 0%, the payment is principal divided by the number of months. The schedule will show interest as $0.00 each month.
- Does this include fees, insurance, or taxes?
No. This calculator models principal and interest only. Fees and insurance can change the effective cost (APR) and total payment.
- Why can the last payment differ?
Because of rounding and the remaining balance, the final payment may be slightly smaller to avoid paying more than the balance plus interest for that month.