Free online EMI calculator. Calculate Equated Monthly Installment for home loan, car loan, personal loan, education loan. View amortization schedule, total interest breakdown, and downloadable CSV. Pure client-side — your data never leaves your device.
EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. This calculator uses the standard reducing-balance formula used by banks worldwide to compute your exact monthly payment, total interest, and complete amortization schedule. Your financial data never leaves your device.
EMI stands for Equated Monthly Installment. It is a fixed amount of money you pay to the lender every month to repay your loan. Each EMI consists of both principal repayment and interest payment, with the proportion of principal increasing and interest decreasing over time.
EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of months.
An amortization schedule is a detailed table showing how each EMI payment is split between principal and interest, and the remaining loan balance after each payment. It helps you understand exactly how much interest you pay over the loan life.
No, this calculator computes the pure EMI based on principal, interest rate, and tenure only. Processing fees, prepayment charges, late payment penalties, and other bank charges are not included. Please consult your lender for the complete cost of borrowing.