🏦 EMI Calculator
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where r is the monthly rate and n the number of months. Enter your values below — results update instantly, entirely on your device.
at 9% yearly = 0.75% monthly
over 240 months
principal 1,000,000 + interest 1,159,342.29
How the emi calculator works
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is principal, r the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n the tenure in months. The same formula banks use for home, car and personal loans.
Example: A 1,000,000 loan at 9% for 240 months → EMI ≈ 8,997; total interest ≈ 1,159,342.
The sobering part is the interest total: on a typical 20-year home loan, total interest often exceeds the principal itself. Shortening tenure raises the EMI but collapses total interest — the calculator lets you see both trade-offs instantly, without sharing your finances with any website server.
Frequently asked questions
What does EMI stand for?
Equated Monthly Installment — a fixed monthly payment combining interest and principal so the loan fully amortizes by the end of the tenure.
Why does most of my early EMI go to interest?
Interest is charged on the outstanding balance, which is largest at the start. Early payments are interest-heavy; the principal share grows every month as the balance falls.
Does this match my bank’s EMI exactly?
It uses the standard reducing-balance formula that virtually all banks use. Small differences can appear from processing fees, disbursement dates or daily-vs-monthly rests.
Is this emi calculator accurate and private?
Yes. It uses the standard published formula, shows its working under every result, and computes locally in your browser — your inputs are never sent to a server, and the page works offline.