Free Online EMI Calculator
Plan your loan repayments instantly. Calculate monthly installments, total interest, and total payable amount for home, car, or personal loans.
Monthly EMI
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Total Interest
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Total Payment
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Principal vs Interest
What is EMI?
Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month, so that over a specified number of years, the loan is paid off in full.
In most common loans—such as real estate mortgages, auto loans, and student loans—the borrower makes fixed periodic payments to the lender over several years with the goal of retiring the loan.
How is it calculated?
The Mathematical Formula
- E is EMI
- P is Principal Loan Amount
- r is Monthly Interest Rate
- n is Loan Tenure (number of months)
Frequently Asked Questions
Generally, lenders prefer that your total EMI payments do not exceed 40% to 50% of your net monthly income. This ensures you have enough disposable income for other expenses.
Yes! This EMI calculator works for all loan types — home loans, car loans, personal loans, and education loans. Simply enter your loan amount, interest rate, and tenure to get an accurate monthly EMI.
Yes, longer tenure means lower monthly EMI but significantly higher total interest paid over the loan period. A shorter tenure increases your EMI but reduces the total interest burden. Use the chart to compare both scenarios.
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments (tenure in years × 12).
Prepayment reduces your outstanding principal, which in turn reduces your total interest liability. You can either choose to reduce your EMI amount while keeping the tenure same, or keep the EMI and reduce the loan tenure.
Related Financial Tools
Free EMI Calculator – Calculate Home Loan, Car Loan & Personal Loan EMI Instantly
Tooligen's free EMI calculator helps you calculate your Equated Monthly Instalment (EMI) for any loan in seconds. Whether you need a home loan EMI calculator, car loan EMI calculator, personal loan EMI calculator, or mortgage EMI calculator, our tool gives you fast and accurate results.
How to Use the EMI Calculator?
Simply enter your loan amount, annual interest rate, and loan tenure (in months or years). The calculator instantly shows your monthly EMI, total interest payable, and the total amount payable — helping you compare loan offers and plan repayments.
Why Use Tooligen EMI Calculator?
- ✅ Instant EMI calculation — no sign-up needed
- ✅ Supports prepayment options and part-payment scenarios
- ✅ Visual amortization schedule with pie chart
- ✅ Works for HDFC, SBI, ICICI, Axis and all bank loans
- ✅ Covers home loan, car loan, personal loan, education loan, business loan
EMI Calculator Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1], where P = Principal, R = Monthly interest rate, N = Number of instalments. Our calculator applies this formula automatically to give you precise results.
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