Equated Monthly Installment (EMI) 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.

How is EMI calculated?

EMI is calculated using the formula: P x R x (1+R)^N / [(1+R)^N-1], where P stands for the loan amount, R is the interest rate per month, and N is the number of monthly installments.

EMI Calculator: Calculate Home & Car Loan Installments

Plan your borrowing effortlessly. An Equated Monthly Installment (EMI) consists of both principal and interest components. Use this calculator to generate a full amortization schedule to see exactly how your loan balance decreases over time.

Understanding Your Loan EMI

When you take out a home loan, car loan, or personal loan, you agree to pay it back in fixed monthly installments. An EMI calculator helps you understand exactly how much you need to set aside each month, ensuring you don't overstretch your budget.

How Does an Amortization Schedule Work?

In the early years of your loan, a large portion of your EMI goes toward paying off the interest, while only a small fraction reduces the principal. As the years go by, this ratio flips. The calendar-based amortization schedule above clearly breaks down how your payment is split every single month.

Factors that Affect Your EMI

Principal Amount: The total sum you borrow. Higher principal means a higher EMI.
Interest Rate: A lower rate drastically reduces your total interest outflow.
Loan Tenure: A longer tenure reduces your monthly EMI but increases the total interest paid to the bank over the life of the loan.

SMART EMI CALCULATOR

Monthly EMI

Principal Payable

Interest Payable

Total Amount

Amortization Schedule

Understanding Your Loan EMI

How Does an Amortization Schedule Work?

Factors that Affect Your EMI