Work out the fixed monthly payment on a mortgage, car loan or personal loan, and see exactly how much of it is interest.
An EMI, or equated monthly installment, is the fixed amount you repay each month on a loan until it's fully paid off. Every payment is a mix of principal and interest — early on, most of it is interest; toward the end, most of it goes to principal, even though the payment itself never changes.
Where P is the loan amount (principal), r is the monthly interest rate (your annual rate divided by 12, then by 100), and n is the total number of monthly payments (years × 12).
The calculator above gives you four numbers: the monthly payment itself, the total you'll pay over the life of the loan, the total interest that represents, and how many payments that is. A useful sanity check is comparing "total interest" to the original loan amount — on a long, high-rate loan it's common for interest to add 20–50% on top of what you borrowed.
No. This calculates principal and interest only, which is the core EMI. Mortgage lenders often quote a separate escrow amount for taxes and insurance on top of this figure.
This calculator assumes a fixed rate for the full term. For a variable-rate loan, re-run the calculation with the new rate whenever it resets to see your updated payment.
Interest is charged on the outstanding balance, which is highest at the start of the loan. As the balance shrinks with each payment, less of your fixed EMI is needed for interest and more goes to principal.
Yes — the EMI formula is the same for any fixed-rate installment loan: mortgages, auto loans, and personal loans all amortize the same way.