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EMI Calculator

Calculate exact Equated Monthly Installment (EMI), total interest, and loan balance.

Parameters

₹50 Lakh
₹
%
1%35%
Years
1Years40Years
Monthly EMITotal Interest Payable: ₹5,413,879
₹43,391 / mo
Principal Loan Amount
₹5,000,000
Monthly EMI
₹43,391
Total Interest
₹5,413,879
Total Repayment
₹10,413,879

About this Calculation

Calculate exact Equated Monthly Installment (EMI), total interest, and loan balance.

100% Client-SideZero Data TransmissionDeterministic Precision

EMI Calculator Formula

EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1]

Equated Monthly Installment (EMI) represents the fixed monthly payment amount paid by a borrower to a lender at a specified calendar date each month.

Variable Definitions
PPrincipal loan amount borrowed
rMonthly interest rate = (Annual Rate % / 12) / 100
nTotal number of monthly installments (Years × 12)
Calculation Steps
  1. 1Convert annual nominal interest rate into monthly periodic rate: r = (Annual Rate % / 12) / 100.
  2. 2Compute total number of monthly payments: n = Tenure in Years × 12.
  3. 3Calculate the compounding interest multiplier factor (1 + r)^n.
  4. 4Multiply principal P by the monthly interest rate r and the compounding factor.
  5. 5Divide the product by [(1 + r)^n - 1] to determine the equalized monthly installment.

Worked Example: Real-time Evaluation

Active Parameters
Active User Parameters: Loan Amount: ₹5,000,000 | Interest Rate (% p.a.): 8.5 % | Tenure (Years): 20 Years.

Mathematical Execution: Using the active input parameters, the in-browser execution engine evaluates the mathematical formula with zero latency.

All calculations and schedules recalculate instantly as inputs or sliders adjust.

Frequently Asked Questions

Interest is calculated on the reducing balance method. In the early months, a larger portion of each EMI goes toward interest; as the principal decreases, the interest portion declines and more goes toward principal repayment.

Assumptions & Accuracy

  • Assumes standard standard-state values
  • Rounded to standard decimal precision

Accuracy Note: Accurate to standard floating point precision.

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