What is an EMI?
An EMI (equated monthly installment) is the fixed amount you pay every month to repay a loan, covering both interest and part of the loan itself. This EMI calculator works for home loans, car loans, personal loans and mortgages: enter the amount, the yearly interest rate and the length, and see your monthly payment, the total interest, and a year-by-year repayment schedule.
The EMI formula
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of monthly payments. Early payments are mostly interest; later ones mostly repay the loan, as the schedule shows.
Questions
How can I lower my EMI?
A longer loan lowers the monthly payment but raises the total interest. A lower rate or a bigger down payment lowers both. Try different values above to compare.
Does this include fees or insurance?
No. It calculates the loan repayment only. Processing fees, insurance and taxes vary by lender.
Is this the same as a mortgage calculator?
Yes. A mortgage is repaid in fixed monthly installments, so the same formula gives your monthly mortgage payment.