Loan EMI Calculator
Calculate your monthly installment, total interest payable, and view the complete amortization schedule for personal, home, or car loans.
How is EMI Calculated?
An Equated Monthly Installment (EMI) 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 paid off in full.
The EMI Formula
The mathematical formula to calculate EMI is:
E = P × r × (1 + r)ⁿ / ((1 + r)ⁿ - 1)
- E is the Equated Monthly Installment (EMI).
- P is the Principal Loan Amount.
- r is the monthly interest rate (calculated as Annual Rate / 12 / 100).
- n is the loan duration in months.
What is an Amortization Schedule?
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term. In the early years of a mortgage, the vast majority of your monthly payment goes toward interest. In the later years, the majority of your payment goes toward paying down the principal.
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