EMI Calculator – Monthly Loan Payment

EMI stands for Equated Monthly Installment — the fixed payment that fully repays a loan over its term. The calculator applies the reducing-balance annuity formula, where P is the loan principal, r the monthly interest rate (annual rate ÷ 12) and n the number of monthly installments. Example: a 1,200,000 loan at 8.5% annual for 15 years gives r = 0.0070833 and n = 180, so EMI = 1,200,000 × 0.0070833 × (1.0070833)^180 ÷ ((1.0070833)^180 − 1) ≈ 11,818 per month, of which the very first payment contains 8,500 of interest and only 3,318 of principal. Over 180 installments the total interest reaches roughly 927,240 — nearly 77% of the amount borrowed, which is why comparing EMI across terms matters as much as comparing rates.

1. 1

   Step 1

   Enter the loan principal P — the amount borrowed before interest.

2. 2

   Step 2

   Enter the annual interest rate; the tool divides by 12 to get r.

3. 3

   Step 3

   Enter the tenure in years or months to set n, the installment count.

4. 4

   Step 4

   Read the EMI, the total interest, and the total amount repayable.

• Stretching tenure for a smaller EMI

• Using the annual rate directly

• Ignoring fees and insurance