Free EMI Calculator 2026 to calculate monthly loan EMI, total interest and full amortization schedule for home, personal and car loans with instant results.
Calculate monthly installments for your Home Loan, Personal Loan, or Car Loan with detailed amortization
Total amount you need to borrow
Annual interest rate charged by the lender
How long you'll take to repay the loan
EMI Formula
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
P = Principal, r = Monthly Rate, n = Months
Enter your loan details
Your EMI calculation results will appear here
The Equated Monthly Installment (EMI) is calculated using the standard loan amortization formula that considers the principal amount, interest rate, and loan tenure.
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
P = Loan Amount (Principal)
r = Monthly Interest Rate (Annual Interest Rate ÷ 12 ÷ 100)
n = Loan Tenure (Number of Months = Years × 12)
Additional Calculations:
Total Payment = EMI × n
Total Interest = Total Payment - P
An EMI (Equated Monthly Installment) Calculator helps you estimate your monthly loan payment, total interest payable, and total amount to be repaid for any type of loan including home loans, personal loans, and car loans. It uses the standard loan amortization formula to provide accurate calculations.
This calculator supports three main loan types: Home Loan (for purchasing or constructing residential property), Personal Loan (for personal expenses, medical bills, weddings, etc.), and Car Loan (for purchasing vehicles). The calculation method is the same for all loan types.
EMI is calculated using the formula: EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1], where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12 months divided by 100), and n is the total number of monthly payments (tenure in years × 12).
An amortization schedule is a detailed table showing your month-by-month payment breakdown. It displays how much of each EMI payment goes toward principal repayment and how much goes toward interest, along with the remaining loan balance after each payment. Initially, a larger portion goes to interest, but this gradually shifts to principal over time.
Yes! You can download your complete EMI calculation including the full amortization schedule as a CSV file by clicking the 'CSV' button. You can then open it in Excel or Google Sheets to print or analyze further.
Yes, whenever you recalculate EMI with different inputs, the pie chart and amortization table update dynamically to reflect the new calculations. This allows you to compare different scenarios easily.
The calculator supports Indian Rupee (INR), US Dollar (USD), Euro (EUR), and British Pound (GBP). Simply select your preferred currency from the dropdown menu before entering the loan amount.
Longer loan tenures result in lower monthly EMI payments but significantly higher total interest paid over the loan term. Shorter tenures have higher monthly payments but save substantial money on interest. Use the calculator to compare different tenure options and find the balance that suits your budget.
While this calculator is optimized for home, personal, and car loans, the EMI calculation formula works the same for business loans. Simply enter your business loan amount, interest rate, and tenure to calculate the monthly installment.