EMI Calculator

Your EMI is the fixed monthly payment that repays a loan with interest: EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r is the monthly rate and n the number of months. Enter the amount, annual rate and tenure to see the instalment, the total interest and every payment in the schedule.

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Updated 20 October 2026

Loan amount

Annual interest rate

Loan tenure

Years

Months

Currency

Monthly instalment (EMI)

$10,379.18

60 payments over 5 years

Total interest: $122,750.59
Total amount payable: $622,750.59

EMI: $10,379.18
Principal: $500,000.00
Interest: $122,750.59
Interest as % of loan: 24.6%

Principal 80.3%Interest 19.7%

Repayment schedule (60 payments)

Month-by-month repayment schedule
Month	Payment	Interest	Principal	Balance
1	$10,379.18	$3,750.00	$6,629.18	$493,370.82
2	$10,379.18	$3,700.28	$6,678.90	$486,691.92
3	$10,379.18	$3,650.19	$6,728.99	$479,962.93
4	$10,379.18	$3,599.72	$6,779.46	$473,183.47
5	$10,379.18	$3,548.88	$6,830.30	$466,353.17
6	$10,379.18	$3,497.65	$6,881.53	$459,471.64
7	$10,379.18	$3,446.04	$6,933.14	$452,538.50
8	$10,379.18	$3,394.04	$6,985.14	$445,553.36
9	$10,379.18	$3,341.65	$7,037.53	$438,515.83
10	$10,379.18	$3,288.87	$7,090.31	$431,425.52
11	$10,379.18	$3,235.69	$7,143.49	$424,282.03
12	$10,379.18	$3,182.12	$7,197.06	$417,084.97
13	$10,379.18	$3,128.14	$7,251.04	$409,833.93
14	$10,379.18	$3,073.75	$7,305.43	$402,528.50
15	$10,379.18	$3,018.96	$7,360.22	$395,168.28
16	$10,379.18	$2,963.76	$7,415.42	$387,752.86
17	$10,379.18	$2,908.15	$7,471.03	$380,281.83
18	$10,379.18	$2,852.11	$7,527.07	$372,754.76
19	$10,379.18	$2,795.66	$7,583.52	$365,171.24
20	$10,379.18	$2,738.78	$7,640.40	$357,530.84
21	$10,379.18	$2,681.48	$7,697.70	$349,833.14
22	$10,379.18	$2,623.75	$7,755.43	$342,077.71
23	$10,379.18	$2,565.58	$7,813.60	$334,264.11
24	$10,379.18	$2,506.98	$7,872.20	$326,391.91
25	$10,379.18	$2,447.94	$7,931.24	$318,460.67
26	$10,379.18	$2,388.46	$7,990.72	$310,469.95
27	$10,379.18	$2,328.52	$8,050.66	$302,419.29
28	$10,379.18	$2,268.14	$8,111.04	$294,308.25
29	$10,379.18	$2,207.31	$8,171.87	$286,136.38
30	$10,379.18	$2,146.02	$8,233.16	$277,903.22
31	$10,379.18	$2,084.27	$8,294.91	$269,608.31
32	$10,379.18	$2,022.06	$8,357.12	$261,251.19
33	$10,379.18	$1,959.38	$8,419.80	$252,831.39
34	$10,379.18	$1,896.24	$8,482.94	$244,348.45
35	$10,379.18	$1,832.61	$8,546.57	$235,801.88
36	$10,379.18	$1,768.51	$8,610.67	$227,191.21
37	$10,379.18	$1,703.93	$8,675.25	$218,515.96
38	$10,379.18	$1,638.87	$8,740.31	$209,775.65
39	$10,379.18	$1,573.32	$8,805.86	$200,969.79
40	$10,379.18	$1,507.27	$8,871.91	$192,097.88
41	$10,379.18	$1,440.73	$8,938.45	$183,159.43
42	$10,379.18	$1,373.70	$9,005.48	$174,153.95
43	$10,379.18	$1,306.15	$9,073.03	$165,080.92
44	$10,379.18	$1,238.11	$9,141.07	$155,939.85
45	$10,379.18	$1,169.55	$9,209.63	$146,730.22
46	$10,379.18	$1,100.48	$9,278.70	$137,451.52
47	$10,379.18	$1,030.89	$9,348.29	$128,103.23
48	$10,379.18	$960.77	$9,418.41	$118,684.82
49	$10,379.18	$890.14	$9,489.04	$109,195.78
50	$10,379.18	$818.97	$9,560.21	$99,635.57
51	$10,379.18	$747.27	$9,631.91	$90,003.66
52	$10,379.18	$675.03	$9,704.15	$80,299.51
53	$10,379.18	$602.25	$9,776.93	$70,522.58
54	$10,379.18	$528.92	$9,850.26	$60,672.32
55	$10,379.18	$455.04	$9,924.14	$50,748.18
56	$10,379.18	$380.61	$9,998.57	$40,749.61
57	$10,379.18	$305.62	$10,073.56	$30,676.05
58	$10,379.18	$230.07	$10,149.11	$20,526.94
59	$10,379.18	$153.95	$10,225.23	$10,301.71
60	$10,378.97	$77.26	$10,301.71	$0.00

How this was calculated

r = 9 ÷ 12 ÷ 100 = 0.00750000
n = 60 months
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1)
= 500,000 × 0.00750000 × 1.565681 ÷ 0.565681
= $10,379.18
Total paid = $10,379.18 × 60 ≈ $622,750.59

Please note

This calculator is a general illustration, not financial advice. Lenders apply their own fees, rounding rules and day-count conventions, so a real quote will differ. Always check the figures with the provider before committing.

How to use the EMI Calculator

1Enter the loan amount, the annual interest rate and the tenure.
2Switch the tenure between months and years if that is easier.
3Read the monthly instalment, total interest and total repayment.
4Open the schedule to see how each payment splits between interest and principal.

How it works

An EMI is a level payment: the same amount every month for the whole term. Each payment covers the interest that accrued on the outstanding balance, and whatever is left reduces the principal. Because the balance shrinks, the interest portion falls month by month and the principal portion rises — which is why early payments feel like they barely dent the loan.

The instalment itself comes from the standard annuity formula, using the monthly rate (annual rate ÷ 12) and the number of months.

The schedule is built in whole cents rather than by accumulating rounded floats, and the final instalment absorbs the rounding remainder. That is why the closing balance lands on exactly zero instead of a few cents adrift after 240 rows.

The formula

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

P: principal, the amount borrowed
r: monthly interest rate, the annual rate ÷ 12 ÷ 100
n: total number of monthly payments

When the rate is zero the formula collapses to P ÷ n, which the calculator handles separately.

Worked example

Borrowing 500,000 over 5 years at 9% a year

Monthly rate r = 9 ÷ 12 ÷ 100 = 0.0075
Number of payments n = 60
EMI = 500000 × 0.0075 × 1.0075⁶⁰ ÷ (1.0075⁶⁰ − 1)

Result: 10,379.18 a month, repaying 622,750.59 in total — of which 122,750.59 is interest.

Tips and common mistakes

Compare loans by total interest as well as by EMI; a lower monthly payment over a longer term usually costs far more overall.
Ask whether the quoted rate is reducing-balance or flat. A flat rate always sounds cheaper than it is.
Prepaying early in the loan saves the most interest, because the balance is highest then.
Add processing fees and insurance to the comparison; the EMI alone does not include them.

Frequently asked questions

What does EMI stand for?

Equated Monthly Instalment — a fixed monthly payment covering both interest and principal, so the loan clears exactly at the end of the term.

Why is most of my early payment interest?

Interest is charged on the balance outstanding, which is at its largest at the start. As the balance falls the interest share falls with it and more of each payment goes to principal.

Does a longer tenure make the loan cheaper?

It lowers the monthly payment but raises the total cost, because you are borrowing the money for longer. The schedule shows both figures side by side.

Why does my bank quote a slightly different EMI?

Lenders add processing fees, insurance and their own rounding and day-count rules. Treat this as a close estimate rather than a quote.

What is the difference between a flat rate and a reducing-balance rate?

A reducing-balance rate charges interest only on what you still owe. A flat rate charges it on the full original amount for the whole term. A 9% flat rate on a five-year loan costs about the same as 15.7% on a reducing balance.

How much does paying extra each month save?

On 500,000 over five years at 9%, paying 1,000 a month above the EMI clears the loan in 54 months instead of 60 and saves about 13,900 in interest. Check your loan terms for prepayment charges first.

How much EMI can I afford?

A common rule of thumb is to keep all loan repayments together under about 40% of take-home pay. Lenders apply their own limits, and leaving room for savings and emergencies matters as much as the lender's yes.

Is 1% a month the same as 12% a year?

For an EMI, yes: like lenders, the calculator divides the annual rate by 12 and each instalment pays that month's interest in full. If unpaid interest is added to the balance instead, 1% a month compounds to about 12.68% a year.

Should I enter the APR or the interest rate?

The interest rate. An APR also includes fees, so entering it gives a higher instalment than the lender will charge. If fees are added to the loan, include them in the loan amount instead.

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