EMI Calculator
Interactive StudioCalculate Equated Monthly Installments (EMI), total interest, and complete amortization payoff schedules with prepayment savings simulations in 160+ world currencies. Instant feedback with zero server storage.
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About EMI Calculator
An Equated Monthly Installment (EMI) is the fixed monthly payment made to a lender to repay a loan over a set term. This studio calculates your monthly commitment using standard mathematical reducing-balance amortization across 160+ world currencies, offering interactive year/month schedules, principal vs interest proportions, and prepayment simulations.
How to use EMI Calculator
- Enter the loan amount, the annual interest rate and the loan term in years or months.
- The monthly instalment (EMI) is calculated immediately.
- Review the total interest, total payment and the share of principal versus interest.
- Open the amortization schedule to see the balance after each month or year.
Worked examples
Input: Loan 500,000, rate 8.5% a year, term 20 years
Result: EMI about 4,339.12. Total payment about 1,041,387.88, of which about 541,387.88 is interest.
Input: Same loan over 10 years
Result: The EMI rises but total interest falls sharply. Shorter terms cost far less overall.
Background
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the principal, r the monthly rate (annual rate / 12 / 100) and n the number of monthly payments. This is reducing-balance amortization: each payment covers that month's interest first, and the remainder reduces the principal.
Early payments are mostly interest, and later payments mostly principal. Real loans may add processing fees, insurance or a different day-count convention, so your lender's figure can differ by a small amount.
Common mistakes
- Entering months in a field expecting years, or the reverse. Check the term unit.
- Judging a loan by its EMI alone. A longer term lowers the EMI but raises total interest.
- Leaving out fees and insurance that increase the true cost of borrowing.
Frequently Asked Questions
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