EMI Calculator
Find your equated monthly installment (EMI) for a loan. Enter the loan amount, annual interest rate, and tenure in years. Works for home loans, personal loans, car loans, and more.
EMI (Monthly Payment)
$1,566.82
- × months36
- Total paid$56,405
- Interest$6,405
- Principal$50,000(89%)
- Interest$6,405(11%)
EMI Calculator
e.g. 10 for 10%.
Loan term in years.
If rate were 9.00%
$1,589.99
+$23.17/mo
If you chose a 15-year term
$477.83
costs +$29,603
If you paid +$200/mo extra
2.7y
saves 0.3y of payments
How to use this calculator
- Enter the loan amount (principal).
- Enter the annual interest rate as a percentage (e.g. 10 for 10%).
- Enter the tenure in years (e.g. 3 or 5).
- See your EMI below. Use our Mortgage or Loan Calculator for amortization details.
How This Calculator Works
Enter your loan amount (principal), the annual interest rate as a percentage, and the loan tenure in years. The calculator converts the annual rate to a monthly rate and the tenure to the number of monthly payments, then applies the EMI formula. Your EMI stays fixed each month; the split between principal and interest changes over time, with early payments mostly interest.
Formula Used
EMI = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments (years × 12).
Example Calculation
For a $20,000 loan at 10% annual interest over 5 years: monthly rate r = 0.10/12 ≈ 0.00833, n = 60. The EMI is approximately $425. A $50,000 loan at 8% for 3 years yields about $1,567 per month.
When to Use This Calculator
Use this EMI calculator when planning a home loan, personal loan, car loan, or any fixed-rate loan. Compare different tenures and rates to see how they affect your monthly payment and total interest.
EMI (Equated Monthly Installment) is the fixed amount you pay each month toward a loan. It includes both principal and interest; the split between them changes over the loan term.
We use the standard amortization formula with your principal, annual interest rate (converted to monthly), and tenure in months. The same formula is used by banks and lenders.
No. This result is principal and interest only. Processing fees or insurance may apply separately; check with your lender.
Copy the code below to embed this calculator on your site.
<iframe src="https://smartcalculators.tools/embed/emi-calculator" title="EMI Calculator" width="100%" height="400" frameborder="0"></iframe>