Finance & Money
EMI Calculator
Monthly payment · Total interest · Amortization schedule
Amortization schedule appears here
How it works
→ Understand your resultsHow it works
The EMI formula
Equated Monthly Installment
EMI = P × r(1+r)^n
÷ ((1+r)^n − 1)
- PPrincipal loan amount
- rMonthly rate (annual ÷ 12 ÷ 100)
- nTotal months of tenure
Example
$10,000 at 8% for 24 months
r = 8 ÷ 12 ÷ 100 = 0.00667
EMI ≈ $451.49 / mo
How payments work
Each payment covers that month's interest first; the remainder reduces your principal. Early payments are interest-heavy; later ones are principal-heavy.
How it works▾
How it works
The EMI formula
Equated Monthly Installment
EMI = P × r(1+r)^n
÷ ((1+r)^n − 1)
- PPrincipal loan amount
- rMonthly rate (annual ÷ 12 ÷ 100)
- nTotal months of tenure
Example
$10,000 at 8% for 24 months
r = 8 ÷ 12 ÷ 100 = 0.00667
EMI ≈ $451.49 / mo
How payments work
Each payment covers that month's interest first; the remainder reduces your principal. Early payments are interest-heavy; later ones are principal-heavy.