EMI Calculator
Work out your Equated Monthly Installment (EMI) for any loan, plus total interest and payment schedule.
About the EMI Calculator
EMI, or Equated Monthly Installment, is the fixed monthly amount a borrower pays to clear a loan over an agreed number of months — a term used widely for consumer, auto, and personal loans across many countries. This calculator computes your EMI directly from the loan amount, annual interest rate, and term in months, along with total interest and a payment breakdown.
How It Works
The calculator applies the standard EMI formula, which is the same reducing-balance amortization math used by banks worldwide: it turns your annual rate into a monthly rate, then finds the constant monthly payment that will exactly retire the loan across the number of months you specify. Every EMI you pay is split between interest on the remaining balance and principal reduction.
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.
Example
Scenario: A $15,000 loan at 9.5% annual interest over 60 months.
Result: EMI of about $314.94 per month, with total interest near $3,896 across the full 5-year term.
Assumptions & Limitations
- Interest is calculated on the reducing balance and compounds monthly, matching typical EMI-based lending.
- The EMI amount is assumed constant for the entire term.
- Processing fees, insurance add-ons, and prepayment charges are not included.
- Some lenders apply a different day-count convention that can shift the EMI slightly from this estimate.