Calculate your Equated Monthly Installment for any loan. See your monthly payment, total interest, and full repayment schedule instantly.
Calculate Your EMI
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$1K$1M
%
0.1%30%
yrs
130 yrs
Your EMI Results
Monthly EMI Payment
$0
for 0 months
Principal
$0
Total Interest
$0
Total Amount
$0
Total Interest
$0
Total Payment
$0
Interest %
0%
Payoff Date
—
Amortization Schedule
#
EMI
Principal
Interest
Balance
What Is an EMI?
Also searched as: monthly payment calculator | emi calculator free | loan calculator online | loan repayment calculator Optimized for US users with American units and terminology.
EMI stands for Equated Monthly Installment. It is a fixed payment amount that a borrower makes to a lender on a specific date each calendar month. Each EMI payment covers both a portion of the principal loan amount and the interest charged on the outstanding balance. Over the loan tenure, the interest portion gradually decreases while the principal portion increases — this is called loan amortization.
How to Use This EMI Calculator
Enter your loan amount, annual interest rate, and loan tenure in either months or years. The calculator instantly shows your monthly EMI, total interest payable, total repayment amount, and a full month-by-month amortization schedule. Use the sliders to quickly compare different loan amounts or tenures.
The EMI Formula
The standard EMI formula is: EMI = P × r × (1+r)^n / ((1+r)^n - 1)
Where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly installments. This formula ensures your payments are equal every month while the split between principal and interest shifts over time.
Shorter vs. Longer Loan Tenure
Choosing a longer loan tenure reduces your monthly EMI, making payments more manageable. However, you end up paying significantly more total interest over the life of the loan. A shorter tenure means higher monthly payments but far less interest paid overall. Use this calculator to compare both scenarios side by side and find the right balance for your budget.
Frequently Asked Questions
Use the Loan Payment Calculator above — enter your values and get instant results. This free online tool calculates how to calculate monthly loan payment without any download or signup required. Results update in real time as you type.
Use the Loan Payment Calculator above — enter your values and get instant results. This free online tool calculates how much interest will i pay on my loan without any download or signup required. Results update in real time as you type.
For fixed-rate loans, your EMI stays the same throughout the tenure regardless of market rate changes. For variable or floating rate loans, your EMI may increase or decrease when interest rates change. Most personal loans in the US are fixed-rate.
Some lenders allow you to refinance your loan at a lower interest rate, which reduces your EMI. Making a partial prepayment can also reduce the outstanding principal, which lenders may use to either reduce your EMI or shorten your tenure.
Missing an EMI payment typically results in a late fee and a negative mark on your credit report. Multiple missed payments can result in the loan going into default, which seriously damages your credit score and may lead to collection actions by the lender.
This calculator uses the standard reducing balance method, which is used for most personal loans, auto loans, and home loans. It may not be accurate for interest-only loans, balloon payment loans, or loans with variable rates and irregular payment structures.