EMI Calculator
About EMI Calculator
Plan your loan with confidence using a comprehensive EMI breakdown. Select currency, enter loan amount (or asset cost), optional down payment, annual interest rate, and tenure in years or months. Add extra monthly or annual prepayments to see how much interest you can save and how quickly you can close the loan. The calculator returns monthly EMI, total interest, and payoff timeline, helping you compare scenarios before you borrow. Ideal for home, auto, or personal loans, it’s fast, accurate, and privacy-friendly—everything runs in your browser with no data stored.
📝 How to Use EMI Calculator
- Enter the Loan Amount or the Total Asset Cost.
- (Optional) Enter a Down Payment amount to reduce the principal.
- Enter the Interest Rate and Tenure (select Years or Months).
- (Optional) Enter Extra Payments to see how much interest you can save.
- Click Calculate to see your EMI, Total Interest, and Amortization Schedule.
🧮 Formula Used
E = P x R x (1+R)^N / ((1+R)^N - 1) where E is EMI, P is Principal Loan Amount, R is monthly interest rate, and N is loan tenure in months.
💡 Example Calculation
- Loan Amount: ₹10,00,000
- Interest Rate: 10.5%
- Tenure: 10 Years (120 Months)
- Monthly EMI: ₹13,493
- Total Interest: ₹6,19,220
❓ Frequently Asked Questions
How is EMI calculated?
EMI (Equated Monthly Installment) is calculated using the formula: P x R x (1+R)^N / [(1+R)^N-1], where P is Principal, R is monthly interest rate, and N is tenure in months. Our calculator automates this for you.
How can I reduce my EMI?
You can reduce your EMI by: 1) Increasing your down payment to lower the principal, 2) Opting for a longer tenure (though this increases total interest), or 3) Negotiating a lower interest rate with your lender.
What is the benefit of making prepayments?
Making extra payments (prepayments) directly reduces your outstanding principal. This significantly lowers the total interest you pay and can help you close your loan years earlier. Use our 'Extra Payment' fields to see your savings.
Should I choose a floating or fixed interest rate?
Fixed rates remain the same throughout the tenure, offering stability. Floating rates change with market conditions (repo rate). Floating rates are often cheaper initially but carry the risk of increasing. If you expect rates to fall, choose floating.
Does tenure affect my total interest?
Yes, significantly. A longer tenure reduces your monthly EMI but drastically increases the total interest paid. A shorter tenure increases EMI but saves you money in the long run. Use the calculator to find the right balance.
What happens if I miss an EMI payment?
Missing an EMI can lead to late fees, penal interest, and a negative impact on your credit score (CIBIL). If you are facing financial difficulty, contact your lender immediately to restructure your loan.
Is the EMI fixed for the entire tenure?
For fixed-rate loans, yes. For floating-rate loans, the EMI may change if the interest rate fluctuates.