EMI Calculator

Online equated monthly installment (EMI) calculator, calculate your monthly payments.

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Equated Monthly Installment Calculator

  • Equated Monthly Installment (EMI) calculator is a fixed payment amount made by a borrower to a lender at a specified date.

    EMI =
    P xAPR
    N
    1 - ( 1 +APR
    N
    )(-N x Y)

    P = Loan amount
    APR = Annual percentage rate
    N = Number of payments per year (monthly payment means 12 payments in a year)
    Y = Term of the loan (number of years)

    But if the interest rate is equal to zero:
    EMI = Loan amount ÷ Total number of payments

  • Example: calculate the monthly payment for a loan of $50,000 at an annual rate of 6% and a 5-year term.

    EMI =

    P x APR/ N
    1 - (1 + APR/N) (-N x Y)
    =
    50,000 x 0.06 ÷ 12
    1 - (1 + 0.06 ÷ 12) (-12 x 5)
    =
    250
    0.259
    = 966.64

    monthly payment = $966.64
    total payment number = 12 x 5 = 60 payment
    total payment = 60 x 966.64 = $57,998.4
    total interest = 57,998.4 - 50,000 = $7,998.4