EMI Calculator
Calculate Equated Monthly Installments for loans
EMI Calculator computes the fixed monthly instalment for a loan from three inputs — principal, annual interest rate, and tenure — and shows the total interest you'll pay over the life of the loan.
Content reviewed: August 24, 2026
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All processing runs locally in your browser. Your files and text are not sent to Tool-web's server.
Actions:
How to Use
- Enter the loan amount
- Set the annual interest rate
- Enter the loan tenure in months or years
- View the EMI and total interest payable
Features
- Monthly EMI calculation
- Total interest payable
- Total amount payable
- Flexible tenure input
- Amortization overview
Tips for getting EMI Calculator right
- Compare total interest, not just the EMI — a longer tenure lowers the instalment but raises lifetime cost
- Enter rates exactly as quoted (8.5, not 0.085) — the tool converts annually to monthly for you
- Results assume a fixed rate; floating-rate loans will drift as benchmarks move
The formula behind the result
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of months. Every standard amortising loan uses this identity — the tool just evaluates it precisely instead of by hand.
Worked example
- Monthly EMI ≈ ₹8,678
- Total paid over 20 years ≈ ₹20,82,720
- Total interest ≈ ₹10,82,720 — more than the original loan
| Input | Value |
|---|---|
| Principal | ₹10,00,000 |
| Annual rate | 8.5% |
| Tenure | 20 years (240 months) |
What the result doesn't include
- Processing fees, insurance premiums, and documentation charges
- Prepayments — extra principal payments shorten the schedule but aren't modelled here
- Rate resets on floating-rate products after the reset date
- Tax benefits on certain loan types, which change effective cost
Frequently Asked Questions
How is EMI calculated?
EMI is calculated using the formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly rate, and n is number of months.
Can I compare different interest rates?
Yes. Adjust the interest rate to see how it affects the EMI and total interest cost.
Does it show an amortization schedule?
Yes. A month-by-month breakdown shows principal and interest components of each payment.
Privacy & Security
All calculations run locally in your browser. Loan figures are never transmitted or stored.
Tips & Best Practices
- Compare total interest, not just the EMI — a longer tenure lowers the instalment but raises lifetime cost
- Enter rates exactly as quoted (8.5, not 0.085) — the tool converts annually to monthly for you
- Results assume a fixed rate; floating-rate loans will drift as benchmarks move
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