Calculate Equated Monthly Installment (EMI) for loans. See total interest, payment schedule, and amortization chart.
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. EMIs are applied to both interest and principal, so over time the loan is fully paid off.
EMI = P Γ r Γ (1 + r)n / ((1 + r)n β 1), where P = principal, r = monthly interest rate, n = total months.
You can reduce EMI by: increasing the loan term, making a larger down payment, negotiating a lower interest rate, or refinancing to better terms.
Yes. In the US, "mortgage payment" is the common term. EMI is more commonly used in India and other markets but refers to the same calculation.
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Open βEnter the loan principal, annual interest rate, and tenure in months or years. The EMI calculator shows your equated monthly installment, total interest, and total payment.
EMI = P Γ r Γ (1+r)^n / [(1+r)^n β 1], where P = principal, r = monthly interest rate (annual rate / 12 / 100), n = number of monthly installments.
Loan of βΉ10,00,000 at 8.5% for 20 years: EMI = βΉ8,678. Total payment = βΉ20,82,720. Total interest = βΉ10,82,720 (more than the principal!).
Increasing EMI by even 5-10% can significantly reduce your loan tenure and total interest. Compare processing fees across lenders β they add to the effective cost of the loan.