EMI Calculator

A fixed loan is quoted as one monthly installment. EMI Calculator estimates that equated monthly installment from amount, annual rate, and years.

Same math as a fixed-rate loan

The function is the standard amortizing payment. Monthly rate is the annual percent divided by 12. Months are years times 12, rounded. At a zero rate the payment is principal divided by the month count. Otherwise the payment is principal times monthly rate times (1+rate)^months, divided by that power minus one. The result shows EMI, the month count, total paid, and total interest. Loan Calculator prints the same kind of payment under a different label. Mortgage Calculator adds a purchase price and a down payment before it uses this formula. Compound Interest grows a savings balance and is not an installment.

What the total interest assumes

Every month's payment is the same, and the rate never changes. The page does not build a schedule of opening balance, interest, and principal for each month. Fees, taxes, insurance, and a processing charge are excluded, and the result line says so. A rate entered as 12 means 12 percent a year, not 12 percent a month. The term field steps in half years. A 6-month loan is 0.5 years. Rounding years to months means 1.1 years becomes 13 months, not 13.2. VAT Calculator and Simple Interest Calculator answer different questions and will not match an EMI.

What this tool will not do

It will not accept a tenure typed in months, model a step-up EMI, or apply an extra payment. It will not fetch a bank's rate. Amount and years must be greater than zero, and the rate cannot be negative. The figures stay in this browser. If you need the month-by-month split, use Amortization Schedule Calculator. If the loan is a house and you know the price rather than the principal, start with Mortgage Calculator.