What Is EMI Calculator?
An EMI (Equated Monthly Installment) calculator is an essential financial tool that helps you determine the monthly payment amount for any loan. Whether you're planning to take a home loan, car loan, personal loan, or any other type of credit, this calculator provides accurate estimates of your monthly installments, total interest payable, and complete loan breakdown.
The EMI calculator uses the standard amortization formula to calculate your monthly payments, ensuring you get precise figures that match what banks and financial institutions would provide. This helps you plan your finances better and make informed decisions about loan affordability.
EMI Calculation Formula
The EMI calculator uses the standard amortization formula to determine your monthly payment amount. This formula is universally accepted and used by banks and financial institutions worldwide.
Standard EMI Formula
EMI = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
Where: P = Principal loan amount, r = Monthly interest rate, n = Total number of payments
Formula Breakdown
- Principal (P): The total loan amount you borrow
- Monthly Interest Rate (r): Annual interest rate divided by 12 (r = Annual Rate ÷ 12)
- Number of Payments (n): Total loan tenure in months
- EMI: Equated Monthly Installment - your fixed monthly payment
Types of Loans Supported
🏠 Home Loan EMI
Calculate monthly installments for home loans with different interest rates and tenures. Plan your home purchase with accurate EMI estimates.
🚗 Car Loan EMI
Determine monthly payments for car loans. Compare different loan terms and interest rates to find the best car financing option.
💳 Personal Loan EMI
Calculate EMIs for personal loans used for various purposes like medical expenses, education, or debt consolidation.
🏢 Business Loan EMI
Plan business loan repayments with accurate EMI calculations. Essential for business planning and cash flow management.
🎓 Education Loan EMI
Calculate education loan EMIs to plan your academic financing. Understand the total cost of education loans.
💳 Credit Card EMI
Convert credit card purchases to EMIs. Calculate monthly payments for credit card installment plans.
Why Use Our EMI Calculator?
- Accurate Calculations: Uses industry-standard EMI formula for precise results
- Instant Results: Get your EMI calculation immediately without any delays
- Complete Breakdown: See monthly EMI, total interest, and visual representation of loan components
- Multiple Loan Types: Works for all types of loans - home, car, personal, business, education, and credit card
- Financial Planning: Plan your loan repayments and understand the total cost of borrowing
- Comparison Tool: Compare different loan terms and interest rates to find the best option
- Mobile Friendly: Works perfectly on all devices - desktop, tablet, and mobile
- Completely Free: No registration, no download, no hidden charges
EMI Calculator Example
Sample Calculation
Input Values:
- • Loan Amount: $100,000
- • Interest Rate: 8% per annum
- • Loan Tenure: 20 years (240 months)
Results:
- • Monthly EMI: $836.44
- • Total Interest: $100,746.40
- • Total Amount: $200,746.40
This example shows how a $100,000 loan at 8% interest for 20 years results in a monthly EMI of $836.44. The total interest paid over the loan term is $100,746.40, making the total repayment amount $200,746.40.