EMI Calculator
Calculate your Equated Monthly Installment (EMI) for loans, including total interest and an amortization schedule.
Calculate your Equated Monthly Installment (EMI) for loans, including total interest and an amortization schedule.
How to use EMI Calculator
1
Enter the total loan amount you wish to borrow.
2
Input the annual interest rate provided by your lender.
3
Specify the loan tenure in months.
4
View your calculated monthly EMI, total interest, and total payment.
5
Review the basic yearly amortization schedule to see the payment breakdown.
Frequently Asked Questions
What is an EMI?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month, which includes both interest and principal repayment.
How does loan tenure affect my EMI?
A longer loan tenure reduces your monthly EMI amount but increases the total interest you will pay over the life of the loan. A shorter tenure increases the EMI but saves on total interest.
Is the interest rate fixed or floating?
This calculator assumes a fixed interest rate for the entire tenure. For floating rates, your EMI may change periodically based on market conditions.
What is an amortization schedule?
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off.
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