Loan EMI Calculator
Calculate the monthly instalment (EMI), total interest and a full year-by-year repayment schedule for any home, auto or personal loan. Works with any currency.
Loan details
Result
Indicative only. Actual EMI may also depend on processing fees, taxes on charges, and floating-rate revisions.
The EMI formula
EMI = [P × r × (1 + r)n] / [(1 + r)n − 1]
- P = principal (loan amount)
- r = monthly interest rate = annual ÷ 12 ÷ 100
- n = total monthly instalments = years × 12
Frequently asked questions
How is the monthly instalment calculated?
EMI = [P × r × (1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of monthly instalments. The calculator above uses this exact formula.
Is the EMI fixed for the full tenure?
On a fixed-rate loan, yes. On a variable/floating-rate loan, the EMI can change if your lender revises the interest rate — typically either the EMI amount or the tenure adjusts.
What is amortization?
Amortization is the breakdown of each EMI into principal and interest. Early EMIs are mostly interest; later EMIs are mostly principal. The calculator shows your full month-by-month schedule.
Can I pre-pay my loan to save interest?
In most countries, lenders allow pre-payment on floating-rate home loans (sometimes with a small fee). A single principal pre-payment early in the loan term can save a significant portion of the total interest — the calculator above lets you compare scenarios.
Track loan instalments alongside everything else.
Money Track's Subscriptions module tracks recurring outflows — loan EMIs, investments, rent, utilities. See total monthly outflow at a glance.
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