Free EMI Calculator — Monthly Loan Payment Calculator
Calculate your monthly loan EMI, total payment, and total interest for any loan amount, interest rate, and tenure — free, in browser.
Monthly EMI
—
Total Payment
—
Total Interest
—
Principal vs Interest
How it works
Enter loan amount
Type the principal loan amount you want to borrow.
Set annual interest rate
Enter the annual interest rate offered by your lender.
Choose loan tenure
Enter the repayment period in years or months.
Read your EMI
Monthly EMI, total payment, and total interest appear instantly.
Common use cases
Home loan planning
Calculate monthly mortgage payments before applying for a home loan.
Car loan comparison
Compare EMIs for different loan amounts and tenures to find what fits your budget.
Personal loan decisions
Understand total interest cost before taking a personal or consumer loan.
Financial planning
Factor loan EMIs into monthly budget planning and cash-flow analysis.
Frequently asked questions
What is EMI?
EMI stands for Equated Monthly Instalment — the fixed monthly payment you make to repay a loan. Each payment covers both principal and interest.
What is the EMI formula?
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = number of months.
Does a higher tenure reduce EMI?
Yes — longer tenures mean lower monthly EMIs but higher total interest paid over the life of the loan.
Is this a compound or simple interest calculation?
EMI uses the reducing balance (compound) method. The standard EMI formula used here is the industry-standard approach.
Is this free?
Yes, completely free with no account required.
Is my loan data stored?
No — all calculations run in your browser using JavaScript. Nothing is transmitted or stored.