EMI Calculator
Last updated: May 8, 2026Monthly loan EMI, interest and totals.
EMI Calculator is a free online calculator to monthly loan EMI, interest and totals. It runs entirely in your browser, so your files never leave your device — nothing is uploaded. There's no sign-up, no watermark, and it works on any modern browser on desktop or mobile.
Disclaimer: This calculator is for informational and educational purposes only and is not financial advice. Actual figures depend on your provider, interest rates, fees, taxes and personal circumstances. Consult a qualified financial professional before making financial decisions.
How to use EMI Calculator
This EMI calculator works out the fixed monthly installment on a home, car or personal loan from the principal, annual interest rate and tenure. It uses the standard reducing-balance formula EMI = P times r times (1+r)^n divided by ((1+r)^n minus 1), where r is the monthly rate and n is the number of months. Borrowers use it to compare offers and see total interest before signing.
Read the full guide: How to Calculate EMI: Loan EMI Formula and Examples
- 1Enter the loan amount, annual interest rate and tenure in months or years.
- 2Adjust any value to test a different down payment, rate or term.
- 3Read your monthly EMI along with total interest and total amount payable.
Full repayment picture
See not just the EMI but the total interest and the grand total you will repay.
Instant what-if testing
Tweak the rate or tenure to find a monthly payment that fits your budget.
Works for any loan
The same reducing-balance math applies to home, car and personal loans.
Compare two lender loan offers
Two banks quoted you different rates and tenures and you want to know which loan actually costs less. Punch in the first offer's amount, rate and term, note the EMI and total interest, then change the rate and tenure to the second bank's numbers. The total-payable figure shows which deal is genuinely cheaper, not just which has the smaller monthly installment.
Find an EMI that fits your budget
You know you can comfortably spare a fixed amount each month and need to work backwards to a loan you can afford. Keep the interest rate steady and adjust the loan amount or stretch the tenure until the monthly EMI lands near your target. Because the result updates instantly, you can settle on a borrowing limit and term that your salary actually supports before approaching a lender.
See the real cost of a longer tenure
Stretching a home or car loan over more years drops the monthly EMI, but you want to know what that convenience truly costs. Calculate the EMI at a shorter tenure, then lengthen the term and watch the total-interest line climb. Seeing both monthly payment and lifetime interest side by side helps you judge whether a lighter installment is worth paying thousands more overall.
EMI Calculator — frequently asked questions
What formula does the EMI calculator use?
It uses the reducing-balance formula EMI = P x r x (1+r)^n / ((1+r)^n - 1). P is the principal, r is the annual rate divided by 12 and 100, and n is the total number of monthly payments. Interest is charged on the outstanding balance, which falls each month.
Why does total interest fall when I shorten the tenure?
A shorter tenure means fewer months of interest accruing on the balance, so even though each EMI is larger, you pay less interest overall. Lengthening the tenure lowers the EMI but increases total interest.
Does it include processing fees or insurance?
No. It calculates the pure loan EMI from principal, rate and tenure. Lender charges like processing fees, GST or insurance are separate and would add to your real cost.
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