EMI Calculator
Calculate monthly EMIs, total interest, and see dynamic amortization schedules.
Principal vs. Interest Breakdown
Amortization Schedule
| Year | Principal Amount | Interest | Total Payment | Balance |
|---|---|---|---|---|
Year 1 | $ 17,989 | $ 39,350 | $ 57,339 | $ 482,011 |
Year 2 | $ 19,482 | $ 37,857 | $ 57,339 | $ 462,528 |
Year 3 | $ 21,099 | $ 36,240 | $ 57,339 | $ 441,429 |
Year 4 | $ 22,851 | $ 34,489 | $ 57,339 | $ 418,578 |
Year 5 | $ 24,747 | $ 32,592 | $ 57,339 | $ 393,831 |
Year 6 | $ 26,801 | $ 30,538 | $ 57,339 | $ 367,030 |
Year 7 | $ 29,026 | $ 28,313 | $ 57,339 | $ 338,004 |
Year 8 | $ 31,435 | $ 25,904 | $ 57,339 | $ 306,570 |
Year 9 | $ 34,044 | $ 23,295 | $ 57,339 | $ 272,526 |
Year 10 | $ 36,869 | $ 20,470 | $ 57,339 | $ 235,656 |
Year 11 | $ 39,930 | $ 17,409 | $ 57,339 | $ 195,727 |
Year 12 | $ 43,244 | $ 14,095 | $ 57,339 | $ 152,483 |
Year 13 | $ 46,833 | $ 10,506 | $ 57,339 | $ 105,650 |
Year 14 | $ 50,720 | $ 6,619 | $ 57,339 | $ 54,930 |
Year 15 | $ 54,930 | $ 2,409 | $ 57,339 | $ 0 |
Note: Note: This calculator provides estimates. Actual interest rates, processing fees, and taxes may vary depending on the financial institution.
What is an EMI?
An EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month, so that over a specified number of years, the loan is paid off in full.
The Math Behind EMI Calculations
The mathematical formula used to calculate your Equated Monthly Installment is:
Where:
- P is the Principal loan amount.
- R is the monthly interest rate (annual rate divided by 12 and then divided by 100).
- N is the number of monthly installments (tenure in years multiplied by 12).
How to Use the EMI Calculator
- Select your preferred currency symbol using the selector grid.
- Use the sliders or type the exact values for the **Loan Amount**, **Interest Rate**, and **Tenure**.
- Toggle the tenure between **Years** and **Months** based on your loan terms.
- Instantly view your calculated Monthly EMI, Total Interest Payable, and Total Repayment amount.
- Interact with the breakdown charts or expand the amortization table to see how principal and interest payments vary over time.
- Click the share button or export options to save your calculations for reference.