EMI Calculator

Calculate monthly EMI for loans with detailed breakdown

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About EMI Calculation

EMI (Equated Monthly Installment) is the fixed amount paid by a borrower to a lender at a specified date each month. EMIs are used to pay off both interest and principal each month so that over a specified time period, the loan is paid off in full.

EMI Formula

The mathematical formula to calculate EMI is:

EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)

Where:

  • P = Principal loan amount
  • r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
  • n = Loan term in months

EMI Calculator Tips

  • Lower interest rates significantly reduce your EMI and total interest paid.
  • Longer loan terms reduce monthly EMI but increase total interest paid.
  • Making extra payments towards principal can reduce your loan term and interest.
  • Your EMI should ideally not exceed 40% of your monthly income.

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