EMI Calculator: Monthly Instalment, Total Interest & Total Payment
Enter the amount, the annual rate, and the tenure to get the monthly EMI, the total interest payable, and the total payment instantly, computed entirely in your browser.
Frequently asked questions
What is an EMI?
EMI stands for Equated Monthly Instalment: the fixed amount you pay each month until a loan is cleared. Every payment covers that month of interest first, and whatever is left reduces the principal.
How is the monthly EMI calculated?
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the principal, r is the monthly rate (the annual rate divided by 12 and then by 100), and n is the number of monthly instalments.
Why is total interest so much higher on a long tenure?
A longer tenure spreads the principal over more months, so each instalment is smaller but interest keeps accruing. Shorten the tenure and the monthly EMI rises while the total interest falls.
Does a prepayment lower my EMI?
Not automatically. Lenders usually put a prepayment straight onto the principal, which shortens the tenure, or recalculate the EMI, which lowers the monthly figure. Ask which one your lender does.
Are my figures stored or uploaded?
No. Every result is computed locally in your browser tab and nothing is ever uploaded.