Monthly EMI
₹87,220
Principal Amount
₹10,00,000
Total Interest
₹46,637
Total Payment
₹10,46,637
EMI Calculator — Loan EMI Calculator Online
Calculate EMI (Equated Monthly Installment) for home loans, car loans, and personal loans. Free online EMI calculator with amortization schedule.
How It Works
Enter the loan amount, interest rate, and loan tenure. The calculator computes your monthly EMI using the standard formula, shows the total interest payable, total amount, and provides a full amortization schedule with a principal vs interest chart.
Common Use Cases
- Calculating monthly EMI before taking a home loan or car loan
- Comparing loan offers from different banks by EMI amount
- Understanding total interest cost over the full loan tenure
- Planning your budget by knowing the exact monthly loan payment
Frequently Asked Questions
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. It includes both principal repayment and interest.
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly installments.
Yes, most loans allow prepayment. You can either reduce the EMI amount or the loan tenure. Use the calculator with the reduced principal to see the new EMI.
Flat rate calculates interest on the entire principal for the full tenure. Reducing balance calculates on the remaining principal — which is lower each month. Reducing balance results in less total interest.
Yes, enter the reduced principal amount after prepayment. The tool recalculates the new EMI based on the remaining balance and remaining tenure.
Financial advisors recommend total EMIs (all loans combined) should not exceed 40-50% of your monthly income. Banks typically approve loans within this range.
Longer tenure = lower EMI but more total interest paid. Shorter tenure = higher EMI but less total interest. Choose based on your monthly cash flow and willingness to pay interest.