About this emi calculator
An EMI (Equated Monthly Installment) is the fixed amount you pay a lender every month until a loan is repaid. Part of each payment covers interest and part repays the principal, so the payment stays the same while the balance falls. This calculator shows your monthly EMI, the total interest you will pay over the full term, and the total cost of the loan — for personal loans, car loans, home loans and any other fixed-rate loan.
How to use it
- Enter the total loan amount.
- Enter the yearly interest rate (for example 12 for 12%).
- Enter the repayment period in months (5 years = 60 months).
- Your EMI, total payment and total interest update instantly as you type.
The formula
P = loan amount r = yearly rate / 12 / 100 n = months
If the rate is 0%, EMI is simply P / n.
Worked example
Frequently asked questions
What does EMI stand for?
EMI stands for Equated Monthly Installment — the fixed monthly amount paid to a lender, combining principal and interest, until the loan is fully repaid.
Does the EMI include bank fees or insurance?
No. This calculator covers principal and interest only. Processing fees, insurance premiums and taxes charged by your lender are extra, so your actual monthly outflow can be slightly higher.
Why does a longer loan cost more overall?
A longer term lowers the monthly payment but keeps the balance outstanding for more months, so more interest accumulates. Compare the total interest figure at different terms before deciding.
What if the interest rate is 0%?
With a 0% rate there is no interest, so the EMI is simply the loan amount divided by the number of months.
Can I use this for a mortgage or car loan?
Yes. Any fixed-rate loan with equal monthly payments — home, car, personal or education loans — uses the same formula. Loans with changing (floating) rates will differ when the rate changes.