EMI Calculator
Enter a loan amount, interest rate and tenure to see the monthly EMI, the total interest over the loan, and the total amount repaid.
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Monthly EMI
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- Total interest
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- Total payment
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Enter a loan amount, rate and tenure above to see the EMI.
Need the full amortization schedule, a prepayment simulator, or a side-by-side loan comparison? Try the Advanced EMI Calculator.
Every calculation runs in your browser. Nothing you enter is uploaded to a server.
The EMI formula
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1)
P is the loan amount, r is the monthly interest rate (the annual rate divided by 12 and by 100), and n is the number of monthly payments. The same fixed EMI applies every month, but the split between interest and principal within it shifts over the loan's life — early payments are mostly interest, later ones mostly principal, because interest is charged on the balance still owed.
What "total interest" actually represents
Total interest is the total payment (EMI × number of months) minus the original loan amount — the full cost of borrowing across the entire tenure. A longer tenure lowers the monthly EMI but raises this total, since the balance stays outstanding, and accruing interest, for longer.
Frequently asked questions
What formula does this use?
The standard reducing-balance EMI formula: EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments — the same formula banks use.
Why does a longer tenure lower the EMI but raise the total interest?
A longer tenure spreads the same principal over more payments, shrinking each one — but the balance stays outstanding, and accruing interest, for longer, so the total interest paid over the full term goes up.
Does the EMI change over the life of the loan?
No, the EMI is fixed. What changes month to month is the split within it — early payments are mostly interest, later ones mostly principal, because interest is calculated on the balance still owed.
What if my loan has zero interest?
The calculator falls back to dividing the principal evenly across the number of months, which is what a 0% EMI plan actually charges.
Can I enter the tenure in months instead of years?
Yes — switch the tenure unit to Months if that's how your loan term is quoted.