How to Use the EMI Calculator?
Our free EMI (Equated Monthly Installment) calculator helps you easily figure out the monthly payments for your home loan, car loan, or personal loan. Simply enter your loan amount, interest rate, and the duration of the loan in years.
What is EMI?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month, so that over a specified number of years, the loan is fully paid off.
EMI Calculation Formula
The mathematical formula used to calculate EMI is:
E = P x r x (1+r)^n / ((1+r)^n - 1)
- E: EMI
- P: Principal Loan Amount
- r: Monthly Interest Rate (Annual Rate / 12 / 100)
- n: Loan Tenure in Months