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EMI Calculator
EMI is the fixed amount you pay every month on a loan — Equated Monthly Installment. Enter the loan amount, the interest rate and the tenure, and this EMI calculator works out your EMI, the total interest and the total amount payable.
Example filled in: a $15,000 loan at 8% interest over 36 months. 8% is an example rate, not a live market rate. Change any number below to run your own EMI.
How to use this EMI calculator
- Enter the loan amount.
- Enter the annual interest rate.
- Enter the loan tenure in months.
- The EMI calculator shows your EMI, total interest and total amount payable.
Formula
EMI uses the same amortization formula as any fixed-rate loan. With a loan amount P, a monthly rate r (annual rate divided by 12) and n monthly payments, EMI = P × r(1+r)n / ((1+r)n − 1). Total amount payable is EMI times the number of months, and total interest is total payable minus the loan amount. If the rate is 0%, the EMI is simply the loan amount divided by the number of months.
Worked example — $15,000 loan at 8% over 36 months
A $15,000 loan at 8% interest (an example rate, not a live market rate) over 36 months has an EMI of $470.05 a month. Over 36 months you pay $16,921.64 in total, so the total interest is $1,921.64. Check it above — the EMI calculator gives the same answer.
Frequently asked questions
What is EMI?
EMI stands for Equated Monthly Installment: the fixed amount you pay every month on a loan until it is paid off. Each EMI covers the interest due that month plus part of the principal. Early EMIs are mostly interest; later EMIs are mostly principal.
How is EMI calculated?
By the amortization formula in the Formula section above: EMI = P × r(1+r)n / ((1+r)n − 1), where P is the loan amount, r is the monthly rate and n is the number of months. The EMI calculator above does it for you.
What is the EMI on a $15,000 loan?
At 8% interest (an example rate) over 36 months, the EMI on a $15,000 loan is $470.05 a month, with $1,921.64 of total interest. At 7% over 48 months, the EMI on a $25,000 loan is $598.66 a month, with $3,735.49 of total interest. Enter your own numbers above to see your EMI.
Does a longer tenure lower my EMI?
Yes, but it raises the total interest. A longer tenure spreads the same loan over more months, so each EMI is smaller, yet you pay interest for longer. Pick the shortest tenure whose EMI you can afford.
Is EMI the same as a monthly loan payment?
Yes. EMI is the same fixed monthly payment the loan calculator shows — the term is used more often for personal loans, home loans and car loans in India and the UK, and increasingly in the USA too. The maths is identical.
Sources and method. Standard loan amortization formula: monthly rate = annual rate / 12; monthly payment = P × r(1+r)n / ((1+r)n − 1). Simple interest I = P × r × t; compound interest A = P(1 + r/n)nt. Rates in the examples on this page are examples only, not live market rates. Results are estimates, not financial advice.
Estimate, not financial advice. This calculator uses the numbers you enter and the standard amortization formula. Your lender’s figures, fees and payoff rules can differ. Check the loan agreement and talk to a financial professional before you borrow.