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Monthly EMI₹
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Your Amortization Details (Yearly/Monthly)
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
EMI Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N-1]Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual Rate/12/100)
- N = Number of monthly installments
Benefits of EMI Calculator
Planning
- • Plan your monthly budget effectively
- • Compare different loan options
- • Decide optimal loan tenure
Transparency
- • Know exact monthly payment
- • Understand interest vs principal split
- • Calculate total interest payable