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EMI Calculator.
Calculate loan EMI with amortization schedule and prepayment analysis
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Results update as you type.
Amortization schedule (first 12 months)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $401.72 | $708.33 | $99598.28 |
| 2 | $404.57 | $705.49 | $99193.71 |
| 3 | $407.43 | $702.62 | $98786.28 |
| 4 | $410.32 | $699.74 | $98375.96 |
| 5 | $413.23 | $696.83 | $97962.73 |
| 6 | $416.15 | $693.90 | $97546.58 |
| 7 | $419.10 | $690.95 | $97127.48 |
| 8 | $422.07 | $687.99 | $96705.41 |
| 9 | $425.06 | $685.00 | $96280.35 |
| 10 | $428.07 | $681.99 | $95852.28 |
| 11 | $431.10 | $678.95 | $95421.18 |
| 12 | $434.16 | $675.90 | $94987.02 |
FAQs
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month.
How is EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is number of months.
How to Use the EMI Calculator
Calculate your Equated Monthly Installment (EMI) for any loan, plus total interest and total repayment.
- Enter the loan amount (principal).
- Enter the annual interest rate.
- Enter the loan tenure in months or years.
- Review your monthly EMI, total interest, and total amount payable.
EMI Formula
Equated Monthly Installment
P is principal, r is the monthly rate (annual ÷ 12 ÷ 100), and n is the number of months.
Example:
Input: P = 1,000,000, 9% for 20 years
Calculation: r = 0.0075, n = 240
Result: EMI ≈ 8,997/month
Real-World Use Cases
Home Loan Planning
Check whether a home-loan EMI fits your monthly budget before applying.
Comparing Tenures
See how a longer tenure lowers the EMI but raises total interest.
Prepayment Decisions
Estimate interest saved by shortening the tenure.
Tips & Common Mistakes
Tips
- Keep EMIs under ~40% of take-home pay.
- A shorter tenure costs more per month but far less total interest.
Common Mistakes to Avoid
- Focusing only on the EMI and ignoring total interest.
- Forgetting processing fees and insurance add-ons.
Related Calculators
Cite this calculator
Canonical URL: https://mathify.one/en/finance/emi
Cite as: Mathify. (2026). EMI Calculator. https://mathify.one/en/finance/emi
Use Cases
Plan your monthly budget
Determine your monthly EMI for a given loan amount, interest rate, and tenure to see if it fits your budget.
Example: For a $20,000 loan at 5% for 5 years, your EMI is about $377.
Compare prepayment scenarios
Analyze how making extra payments can reduce your total interest and shorten your loan term, helping you decide if prepayment is worth it.
Example: Paying an extra $50 per month on a 5-year loan can save you hundreds in interest.
Frequently Asked Questions
- What is an EMI?
- EMI stands for Equated Monthly Installment. It is the fixed monthly payment you make to a lender to repay a loan over a specified tenure. It includes both principal and interest components.
- How does prepayment affect my loan?
- Prepayment reduces your outstanding principal, which can lower your total interest paid and shorten your loan tenure. Our calculator helps you analyze the impact of making extra payments.
- What is an amortization schedule?
- An amortization schedule is a table showing each monthly payment, the breakdown between principal and interest, and the remaining loan balance over time. It helps you track how your loan is paid off.
Tips & Common Mistakes
Tips
- Use the amortization schedule to see how much interest you pay over the life of the loan.
- Consider making prepayments when you have surplus funds to reduce your interest burden.
- Compare different tenures to find the EMI that balances affordability and total interest.
- Remember that a lower EMI often means a longer tenure and more total interest.
Common Mistakes to Avoid
- Ignoring the impact of prepayment on total interest and loan tenure.
- Choosing a very long tenure just to lower the EMI without considering the extra interest cost.
- Not reviewing the amortization schedule to understand the principal and interest split.
Last updated: August 13, 2026