Finance & Money
EMI Calculator
Enter an amount, rate and tenure to get the monthly instalment and what it adds up to.
A rate of 0 is handled correctly.
Tenure in
Monthly EMI
10,379.18
60 instalments
You would pay 10,379.18 every month for 60 months. That adds up to 622,750.66, which is 122,750.66 more than the 500,000.00 you borrowed.
Total interest
122,750.66
Total payment
622,750.66
Principal
500,000.00
Monthly rate
0.7500%
Annual rate ÷ 12
Principal vs interest
- Principal500,000.0080.3%
- Interest122,750.6619.7%
Free to use. No sign-up required.
How it works
EMI stands for Equated Monthly Instalment: a single fixed amount paid every month that covers both interest and principal, sized so the loan clears exactly at the end of the tenure.
The annual rate is converted to a monthly rate by dividing by twelve, and the tenure is converted to a number of monthly payments. Those two figures drive the whole calculation.
Every instalment is the same size, but its composition changes. In the first month almost all of it is interest; by the final month almost all of it is principal. The breakdown on this page shows that split across the whole tenure.
A zero percent rate is handled separately, because the standard formula divides by zero at that point. With no interest the instalment is simply the amount borrowed divided by the number of months.
Formula
EMI
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = principal, r = monthly interest rate, n = number of monthly instalments.
Monthly rate
r = annual rate ÷ 12 ÷ 100
A 9% annual rate gives r = 0.0075.
Total payment
EMI × n
Total interest
(EMI × n) − P
Worked examples
100,000 at 10% for 12 months → EMI 8,791.59
Total paid is 105,499, so the interest cost is 5,499 over the year.
500,000 at 9% for 5 years → EMI 10,379.18
Across 60 instalments the total paid is 622,750.66, of which 122,750.66 is interest.
60,000 at 0% for 24 months → EMI 2,500.00
An interest-free instalment plan simply divides the amount by the number of months.
Frequently asked questions
Should I enter the tenure in years or months?
Either. Use the toggle to switch. Months are useful for short instalment plans; years are easier for longer borrowing. The calculation converts to months internally.
What happens at a 0% rate?
The standard EMI formula cannot be used at 0% because it divides by zero. This calculator detects that and falls back to dividing the principal evenly across the instalments, so you get a real number rather than an error.
Does a longer tenure make the loan cheaper?
It lowers the monthly instalment but raises the total interest, because you are borrowing the money for longer. The total payment figure on this page makes that trade-off visible.
Does this account for processing fees or prepayment?
No. It calculates the instalment on the amount and rate you enter. Processing fees, insurance and prepayment rules vary by lender and are not included.