EMI Calculator
Calculate your Equated Monthly Installment for loans, mortgages, and other financing options.
About EMI Calculator
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 fully paid off.
EMI Formula
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1]
- P: Principal loan amount
- r: Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- n: Number of monthly installments
Benefits of EMI Calculator
- Budget Planning: Helps you plan your monthly budget effectively
- Loan Comparison: Compare different loan options easily
- Interest Calculation: Know exactly how much interest you'll pay
- Affordability Check: Determine if a loan fits your financial capacity
Important Notes
This calculator provides estimates based on the information you provide. Actual EMI may vary based on the lender's terms and conditions, processing fees, and other charges. Always consult with your financial advisor before making decisions.