EMI Calculator — How to Calculate Loan Payments

Calculate equated monthly installment (EMI) loan payments from principal, annual rate, and tenure. Standard reducing-balance formula with an amortization schedule. Optional home price and down payment, plus monthly or biweekly payments. Example: 100,000 at 6% for 5 years, monthly → EMI about 1,933.28. Runs in your browser; educational only — not lending or credit advice.

How it works

Enter the loan amount (or price minus down payment), nominal annual rate as a percent, and years. Choose monthly or biweekly payments. The tool computes the fixed payment, totals, and a reducing-balance schedule. Home, auto, and personal loans share this page — only the numbers change.

Formula and assumptions

With period rate r = annual_rate / m and n periods: E = P × r(1+r)^n / ((1+r)^n − 1) when r > 0. If r = 0, E = P / n. Keep these assumptions in mind:

Rate is a nominal annual percentage; taxes, insurance, fees, and variable rates are not included.
Payments are equal reducing-balance installments; there are no extra principal payments in this model.
Biweekly uses 26 periods per year as an educational frequency option — not a separate mortgage product page.
Results are educational illustrations, not loan offers, underwriting, or financial advice.

Example

Example: loan 100,000, annual rate 6%, 5 years, monthly payments → EMI ≈ 1,933.28, total interest ≈ 15,996.81, total paid ≈ 115,996.81. Period 1 interest ≈ 500.00 and principal ≈ 1,433.28.

When to use it

Mortgage sketch: rough monthly payment before talking to a lender (illustration only).
Auto or personal loan classwork: practice EMI and amortization with fixed P, r, and n.
See interest vs principal early in the schedule without opening a separate amortization site.

Frequently asked questions

What EMI formula does this use?

E = P × r(1+r)^n / ((1+r)^n − 1), where r is the period rate (annual rate ÷ 12 or ÷ 26) and n is the number of payments. Total interest is n×E − P.

What is an amortization schedule?

Each row splits one payment into interest on the remaining balance and principal reduction. Early periods are usually interest-heavy.

Monthly vs biweekly payments?

Monthly uses 12 periods per year; biweekly uses 26. Same loan inputs, different period rate and count — not a separate tool URL.

Is this lending or mortgage advice?

No. Numbers are educational illustrations only and are not loan offers, credit decisions, or financial advice.

What if the rate is zero?

If the annual rate is 0%, each payment is P divided by the number of periods and total interest is 0.

Important notice

EMI and amortization results are educational illustrations only and are not lending, mortgage, tax, or financial advice. Real loans may include fees, insurance, taxes, and underwriting rules this page does not model.

References: Investopedia equated monthly installment (EMI); Consumer Financial Protection Bureau owning-a-home rate exploration materials; standard reducing-balance installment formula.

Questions or feedback

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