EMI Calculator
Calculate your monthly loan EMI, total interest and the savings from monthly prepayments.
In short
Calculate your monthly loan EMI, total interest and the savings from monthly prepayments.
Formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P = loan amount, r = annual rate ÷ 12 ÷ 100 and n = tenure in months. With r = 0, EMI = P ÷ n.
What this calculator does
Calculate your monthly loan EMI, total interest and the savings from monthly prepayments.
You enter loan amount, annual interest rate, loan tenure and tenure in and a few other details, and the emi calculator shows the answer along with the working, so you can check it or try other numbers.
The page shows the formula, a numeric worked example, and the assumptions that affect this finance calculation.
Inputs and what they mean
- Loan amount
- — number value.
- Annual interest rate
- — The rate your lender quotes; nothing is assumed.
- Loan tenure
- — number value.
- Tenure in
- — choice value.
- Extra prepayment each month (optional)
- — number value.
- Currency (symbol only, never converted)
- — choice value.
How to use it
- Enter each value in the unit shown next to the box (use the unit converter first if your numbers are in other units).
- Check the breakdown to see every intermediate step.
- Read the limitations before relying on the result.
Formula
Prepayment is modelled as the same extra amount paid every month on top of the EMI, reducing the balance and shortening the tenure.
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P = loan amount, r = annual rate ÷ 12 ÷ 100 and n = tenure in months. With r = 0, EMI = P ÷ n.
Inputs used: Loan amount, Annual interest rate, Loan tenure, Tenure in, Extra prepayment each month (optional), Currency (symbol only, never converted).
Worked example
₹10,00,000 at 9% for 60 months
- r = 9 ÷ 12 ÷ 100 = 0.0075; n = 60.
- (1.0075)^60 ≈ 1.565681.
- EMI = 10,00,000 × 0.0075 × 1.565681 ÷ 0.565681 ≈ ₹20,758.36.
- Total interest = 20,758.36 × 60 − 10,00,000 ≈ ₹2,45,501.
Reading the result
The headline figure is the main answer. Any breakdown underneath shows the parts that make it up, so you can check the working and see what changes when you adjust an input.
Limitations and assumptions
- Assumes a fixed rate for the whole tenure.
- Processing fees, insurance and prepayment charges are not included.
- Flat-rate loans are calculated differently.
- An estimate from the figures you enter. Lenders may charge processing fees, insurance or prepayment charges, and floating rates change over time. Not financial advice.
- The result depends on the values you enter for this emi calculator; it does not supply missing rates, rules, prices, dates, or assumptions for you.
Reference: OpenStax
Last reviewed:
Common questions
What does EMI stand for?
Equated Monthly Instalment — a fixed monthly payment that covers interest and part of the principal.
Which interest rate should I enter?
The annual rate your bank or lender quotes for your loan. Rates differ by lender, country and credit profile, so none is preset.
How much does prepaying save?
Enter an extra monthly amount to see the shorter tenure and the interest saved. Check whether your lender charges a prepayment fee.
Is this a flat-rate or reducing-balance EMI?
Reducing balance — interest is charged on the outstanding amount each month, as most home, car and personal loans do.
What is the EMI formula?
EMI = P × r × (1 + r)^N ÷ ((1 + r)^N − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12 ÷ 100) and N the number of months. Your bank's quoted rate goes in as an input.
How do I use the EMI Calculator?
Enter the required values for Loan amount, Annual interest rate, Loan tenure, Tenure in, Extra prepayment each month (optional), and the other fields shown. The calculator applies the formula on this page and shows the main result with any supporting breakdown so you can check the arithmetic.
Sources
Method based on OpenStax.
Cite this page
Free Calculator. (2026, November 12). EMI Calculator. https://freecalculator.tech/tools/emi-calculator
"EMI Calculator." Free Calculator, 12 Nov. 2026, https://freecalculator.tech/tools/emi-calculator.
EMI Calculator — Free Calculator, https://freecalculator.tech/tools/emi-calculator
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