Monthly EMI
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Total Interest
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Total Payment
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Amortization Schedule
| Month | EMI | Principal | Interest | Balance |
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🔢 How the EMI Calculator Works
The EMI (Equated Monthly Instalment) formula comes from compound-interest mathematics and is one of the most widely used financial equations worldwide.
EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]
1
P = Principal (loan amount). This is the total money you borrow.
2
r = Monthly interest rate = Annual Rate ÷ 12 ÷ 100. For 8.5% per year, r = 0.085 / 12 ≈ 0.00708.
3
n = Total number of monthly instalments (tenure in months).
4
Each month the interest accrued on the remaining balance is separated from the EMI. The remainder chips away at the principal — this is the amortization schedule.
Worked Example: ₹5,00,000 loan at 8.5% for 60 months.
r = 0.085 / 12 = 0.007083 | (1+r)⁶⁰ = 1.5269
EMI = 5,00,000 × 0.007083 × 1.5269 / (1.5269 − 1)
≈ ₹10,233 / month | Total Interest paid ≈ ₹1,13,980
r = 0.085 / 12 = 0.007083 | (1+r)⁶⁰ = 1.5269
EMI = 5,00,000 × 0.007083 × 1.5269 / (1.5269 − 1)
≈ ₹10,233 / month | Total Interest paid ≈ ₹1,13,980
All calculations run entirely in your browser — no data is sent to any server.