Calculate your Equated Monthly Installment (EMI) for home loans, car loans, and personal loans. Free online EMI calculator with amortization details.
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. The EMI calculator helps you determine your monthly payment based on the loan amount, interest rate, and tenure.
EMI = P × r × (1+r)^n / ((1+r)^n - 1)Where P = Principal loan amount, r = Monthly interest rate (Annual rate ÷ 12 ÷ 100), n = Number of monthly installments. This formula ensures equal monthly payments throughout the loan tenure.
| Input | Output |
|---|---|
| $100,000 at 8.5% for 20 years | EMI: $868.71/month |
| $50,000 at 7% for 5 years | EMI: $990.06/month |
| $200,000 at 9% for 30 years | EMI: $1,609.31/month |