EMI Calculator
Calculate equal monthly installments for a fixed-rate loan. Review the formula and assumptions before using the result.
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Formula
For a fixed-rate loan: EMI = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is principal, r is annual rate ÷ 12 ÷ 100, and n is the number of monthly installments. At 0% interest, EMI = P ÷ n.
Worked example
A principal of 1,000,000 at 8.5% annual interest over 120 months gives an estimated monthly installment of 12,398.57, before fees or other charges.
What the result means
The result assumes the same monthly rate and equal payments for the full term. It excludes processing fees, insurance, taxes, and lender-specific terms; it is not an APR calculation or lender quote.
How to Use EMI Calculator
Enter the requested values
Provide the inputs for this emi calculator. Use consistent units where applicable.
Read the estimated monthly installment
The result recalculates as you edit the inputs.
Check the emi calculator assumptions
Use the emi calculator formula and notes below to understand what is—and is not—included.
Key Features & Benefits
Formula and worked example
A principal of 1,000,000 at 8.5% annual interest over 120 months gives an estimated monthly installment of 12,398.57, before fees or other charges.
Clear scope
The result assumes the same monthly rate and equal payments for the full term. It excludes processing fees, insurance, taxes, and lender-specific terms; it is not an APR calculation or lender quote.
Frequently Asked Questions
What does EMI mean?
EMI means equated monthly installment: a regular payment that covers interest and repays principal.
Are fees included?
No. Entered principal and interest are the only inputs in this estimate.
Can I use this as my lender’s payment or APR?
No. It models principal and interest at the annual interest rate you enter. Fees, insurance, taxes, and lender-specific terms can change the actual cost; compare it with the lender’s written terms.
Key terms
- emi calculator
- The result assumes the same monthly rate and equal payments for the full term. It excludes processing fees, insurance, taxes, and lender-specific terms; it is not an APR calculation or lender quote.