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EMI (Equated Monthly Instalment) is the fixed monthly amount you pay to repay a loan. Understanding the formula helps you budget smarter and avoid overborrowing.
The Formula
EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1] where P=principal, r=monthly rate, n=months
Standard formula used by professionals worldwide
Worked Example
Step-by-step
Loan 500,000 | Rate 12%/yr | 60 months → EMI = 11,122 | Total paid = 667,320
Key Concepts
- Accuracy: Results are as accurate as the inputs you provide
- Units: Always use consistent units throughout your calculation
- Verification: Double-check important calculations before making decisions
- Professional advice: For major financial, health, or structural decisions, consult a qualified professional
Privacy and Security
- All calculations run entirely in your browser
- No data is sent to any server
- No sign-up or personal information required
- Your data stays private — always
Frequently Asked Questions
What happens if I miss an EMI?
Late payment attracts penalty fees and negatively impacts your credit score.
Can I reduce my EMI?
Yes — increase tenure, make partial prepayment, or negotiate a lower rate.
Does EMI change each month?
In fixed-rate loans, EMI stays constant. The split between principal and interest shifts each month.