EMI Calculator
Calculate your monthly EMI, total interest and a month-by-month repayment schedule.
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Tenure in
Result
- Principal
- $1,000,000.00
- Total interest
- $334,666.86
- Total payment
- $1,334,666.86
- Months
- 60
How it's calculated
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = $1,000,000.00, r = 12% ÷ 12 = 1% per month, n = 60 months
EMI = $22,244.45
Principal 74.9% Interest 25.1%
Repayment schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| $155,290.24 | $111,643.13 | $844,709.76 | |
| $174,984.93 | $91,948.44 | $669,724.82 | |
| $197,177.40 | $69,755.97 | $472,547.42 | |
| $222,184.43 | $44,748.94 | $250,362.98 | |
| $250,362.98 | $16,570.39 | $0.00 |
About EMI Calculator
EMI (equated monthly instalment) is the fixed amount you pay each month to repay a loan with interest. Banks in Pakistan, India and many other countries quote home, car and personal loans in EMIs.
Enter the loan amount, yearly interest rate and tenure to see your EMI, the total interest and the total amount payable. Expand any year in the schedule to see the monthly split between interest and principal and the remaining balance.
When to use it
- Planning a home, car or bike loan.
- Comparing EMIs for different tenures before applying.
- Checking whether a loan fits your monthly budget.
- Understanding how much of each payment goes to interest.
Tips for better results
- Many lenders recommend keeping total EMIs below about 40% of your monthly income.
- Even a small part-prepayment early in the loan saves a lot of interest.
- Compare the total payable, not just the EMI, when choosing a tenure.
How to use the EMI Calculator
- Enter the loan amount and yearly interest rate.
- Enter the tenure in years or months.
- See your EMI and expand any year for monthly details.
Frequently asked questions
What is an EMI?
An Equated Monthly Instalment is the fixed monthly payment that repays a loan with interest over its tenure.
How is EMI calculated?
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly interest rate and n the number of months.
Why is more interest paid at the start?
Interest is charged on the outstanding balance, which is highest early on. As the balance falls, more of each EMI goes to principal.
Does the EMI change during the loan?
For fixed-rate loans the EMI stays the same. For floating-rate loans (for example linked to KIBOR or a repo rate), the bank may change the EMI or the tenure when rates move.
How can I reduce my EMI?
Choose a longer tenure, negotiate a lower interest rate, or make a larger down payment to reduce the loan amount. A longer tenure lowers the EMI but increases total interest.