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EMI Calculator
Calculate Equated Monthly Installments (EMI) for home loans, car loans, or personal loans.
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What is the EMI Calculator?
The EMI Calculator computes Equated Monthly Installments using the reducing balance amortization method — the standard formula used globally by banks for home, vehicle, and personal loans.
Who is the EMI Calculator for?
Designed for loan applicants comparing borrowing options and homebuyers evaluating mortgage affordability.
How to Use the EMI Calculator
- Enter the total loan principal amount.
- Input annual interest rate (%).
- Select loan tenure in years or months.
- View monthly EMI, total interest, and full cost breakdown.
Worked Calculation Example
A $150,000 loan at 7.5% over 20 years → monthly EMI of $1,206.19, total interest $139,485.
Frequently Asked Questions
What is the EMI formula?
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P = Principal, R = Monthly rate, N = Total months.
Does this use flat rate or reducing balance?
This uses the standard reducing balance method (standard amortization) used by banks globally.