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Free EMI Calculator

Estimate your monthly loan installment, total interest, and payoff schedule. Add optional monthly prepayments to see how they change the loan term.

Enter your loan details

Added to the regular EMI to reduce the balance sooner.
Shown as an upfront fee; it is not included in the EMI.

Estimate for a fixed annual rate with monthly payments. Fees, taxes, insurance, and lender-specific rules can change the actual amount.

This tool runs in your browser. The text and values you enter are not sent to a processing server.

How EMI is calculated

  1. Enter the amount borrowed, annual interest rate, and loan term.
  2. Select a display currency, then optionally add a monthly extra payment or processing fee.
  3. Choose Calculate EMI to see the monthly installment, total interest, payoff time, and month-by-month balance.
  4. Download the schedule as a CSV file to open in a spreadsheet.

Example: A loan of ₹1,000,000 at 8.5% annual interest for 20 years has an estimated EMI of about ₹8,678 per month before fees or extra payments.

EMI formula and assumptions

For a fixed monthly rate, EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan principal, r is the annual rate divided by 12, and n is the number of monthly payments. At 0% interest, EMI is principal divided by the number of months. Extra payments are applied to the outstanding balance after the regular EMI.

The currency setting changes number formatting only; it does not convert exchange rates. This estimate does not replace a lender quote. Actual EMI can differ due to compounding conventions, rate changes, payment dates, rounding, and fees.