EMI Calculator
Calculate the Equated Monthly Instalment for any loan — instantly, in your browser.
TL;DR — EMI Calculator: An EMI calculator computes the fixed monthly payment a borrower owes on an amortising loan. The Equated Monthly Instalment (EMI) bundles principal repayment and interest into one constant amount for the entire tenure, so every month's payment is identical. Cal44's EMI calculator works for home loans, car loans, personal loans, education loans and any other reducing-balance loan.
What is the EMI Calculator?
An EMI calculator computes the fixed monthly payment a borrower owes on an amortising loan. The Equated Monthly Instalment (EMI) bundles principal repayment and interest into one constant amount for the entire tenure, so every month's payment is identical. Cal44's EMI calculator works for home loans, car loans, personal loans, education loans and any other reducing-balance loan.
How to use the EMI Calculator
- Enter the loan principal (the amount you plan to borrow).
- Enter the annual interest rate as a percentage (e.g. 8.5).
- Enter the loan tenure in months or years.
- Read the calculated monthly EMI, total interest paid over the life of the loan, and total amount repaid.
Formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = loan principal · r = monthly interest rate (annual rate ÷ 12 ÷ 100) · n = total number of monthly instalments (years × 12)
Worked example
Borrow ₹20,00,000 at 8.5% per annum for 20 years (240 months). r = 0.085/12 = 0.007083. EMI ≈ ₹17,356 per month. Total payment ≈ ₹41,65,512, of which ₹21,65,512 is interest.
Frequently asked questions
What is EMI in a loan?
EMI is the fixed monthly payment a borrower makes on a reducing-balance loan, combining principal and interest into one constant amount each month for the entire tenure.
How is EMI calculated?
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly instalments.
Does a higher tenure reduce EMI?
Yes — a longer tenure lowers the monthly EMI but increases the total interest paid, because the principal is outstanding for more months.
Can I prepay an EMI loan?
Most reducing-balance loans allow prepayment. A part-prepayment reduces the outstanding principal and either lowers future EMIs or shortens the tenure, depending on the bank's policy.
Is EMI the same as compound interest?
No. EMI is the repayment formula for a reducing-balance loan. Interest is charged monthly on the outstanding principal, not compounded across the full amount.
Does Cal44 store my loan inputs?
No. The EMI calculator runs entirely in your browser. Your principal, rate and tenure values never leave your device.