Loan amount ($)
Annual interest rate (%)
Tenure
Result
About EMI
What is EMI?
Equated Monthly Instalment — the fixed monthly payment for a loan covering both principal repayment and interest.
Formula
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1) where P = principal, r = monthly rate, n = number of months.
Total interest
Long-tenure loans pay significantly more total interest. Even 1% rate reduction saves substantially over 20 years.