EMI Calculator
Calculate the equated monthly instalment (EMI) on any loan.
Results update as you type.
About this calculator
An EMI (equated monthly instalment) is the fixed amount you repay each month on a loan, covering both interest and principal, and this EMI calculator works it out from the loan amount, annual interest rate and tenure. It also shows the total interest and the total payment over the life of the loan, and lets you add an extra monthly amount to clear the loan sooner.
The formula is EMI = P × i × (1 + i)^n ÷ ((1 + i)^n − 1), where P is the principal, i the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of months. For example, a 1,000,000 loan at 9% over 20 years gives an EMI of about 8,997; early instalments are mostly interest and later ones mostly principal, but the EMI itself stays constant throughout.
Use it for home, car or personal loans to check the monthly commitment before borrowing, to compare tenures, or to see how a longer tenure trims the EMI while inflating total interest. Adding even a small extra monthly payment shifts the balance toward principal and shortens the loan.
Frequently asked questions
What is the EMI formula?
EMI = P × i × (1 + i)^n ÷ ((1 + i)^n − 1), where P is the principal, i the monthly rate (annual ÷ 12 ÷ 100) and n the number of months. It is the same amortisation maths used for any fixed-instalment loan.
Does a longer tenure reduce my EMI?
Yes, but at a cost. Stretching the tenure lowers each monthly EMI because the principal is spread over more months, yet the total interest paid rises substantially. A shorter tenure means higher EMIs but far less interest.
What is the difference between EMI and simple interest?
EMI is built on reducing-balance (compound) amortisation, where interest each month is charged only on the outstanding principal, which falls as you repay. Simple interest charges a flat rate on the original amount throughout and usually works out more expensive for the borrower.
How does prepaying reduce my EMI loan?
A prepayment goes entirely to principal, so less interest accrues on the smaller balance from then on. In the extra-payment field, even a modest monthly top-up can cut several instalments off the tenure and save a large chunk of total interest.
Why is most of my early EMI interest?
Early in the loan the outstanding principal is large, so the interest portion of each fixed EMI is high and little goes to principal. As the balance shrinks the split flips, and toward the end almost all of each EMI repays principal.
Does a higher interest rate raise my EMI a lot?
Yes, especially on long tenures. Because interest compounds over many months, even a one-point rate rise noticeably increases both the EMI and the total interest — enter different rates above to see how sensitive the payment is.
API — use this calculator from code
Call this calculator as a free JSON endpoint — no key required. Send the field values below as query parameters or JSON. Read the full API docs →
Endpoint
GET https://calculator.free/api/v1/emi/curl
curl "https://calculator.free/api/v1/emi/?amount=1000000&rate=9&years=20"JavaScript fetch()
const r = await fetch(
"https://calculator.free/api/v1/emi/?" + new URLSearchParams({
"amount": "1000000",
"rate": "9",
"years": "20"
}));
const data = await r.json();
console.log(data.results);Results are estimates for general guidance only, not financial, medical or tax advice.