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EMI Calculator — Free Online Tool
EMI Calculator works out the monthly instalment on any loan, along with the total interest you will pay and a month-by-month repayment schedule. Enter the loan amount, interest rate and tenure, and the numbers update as you type. It runs entirely in your browser and works with any currency.
🚀 Try EMI Calculator now
Free · No signup · Runs in your browser · Instant results
Open EMI Calculator →📌 What is EMI Calculator?
An EMI (equated monthly instalment) is the fixed amount you pay each month on a loan. What is not fixed is the split inside it: early instalments are mostly interest, and only later do they start clearing the principal. Seeing that split is often more useful than the EMI figure itself, which is why this tool shows the schedule alongside the result.
🚀 How to use EMI Calculator
- Open the EMI Calculator using the button below
- Enter the loan amount and choose your currency
- Enter the annual interest rate and the tenure in years or months
- Read your monthly EMI, total interest and the first year of the repayment schedule
👉 Ready? EMI Calculator tool and get started now!
✨ Features and benefits
- 100% free — no registration or signup required
- Calculated in your browser — the numbers you enter are never uploaded
- Instant results — figures update as you type, with no button to press
- Works on all devices — mobile, tablet and desktop
- Nothing to install — runs directly in your browser
❓ Frequently asked questions
How is EMI calculated?
It uses the standard reducing-balance formula: EMI = P x i x (1+i)^n / ((1+i)^n - 1), where P is the loan amount, i is the monthly rate and n is the number of months.
Why is so much of my early EMI going to interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest portion shrinks and more of each instalment clears the principal.
Does this include processing fees?
No. It covers principal and interest only. Lenders may add processing fees, insurance or other charges on top.
Will this match my bank exactly?
It uses the industry-standard formula, so it should be very close. Tiny differences can appear if your lender rounds differently or uses a different day count.