Calculate EMI (Equated Monthly Installment) for any loan using the standard EMI formula. View the breakdown of principal vs. interest payments.
EMI Formula
EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ - 1]
Monthly EMI
$10,258
Total Interest
$115,496
Total Payment
$615,496
EMI (Equated Monthly Installment) is a fixed payment made by a borrower to a lender at a specified date each month. EMIs apply to both interest and principal, and the loan is paid off in full over the specified tenure. The EMI formula is: EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ - 1], where P is principal, r is monthly interest rate, and n is number of months.
Unlike simple interest loans, EMI loans use compound interest. As you make payments, the interest portion decreases and the principal portion increases. Our calculator visualizes this transition through yearly breakdown charts.