Loan EMI Calculator
Calculate monthly EMI, total payment and interest.
Explanation
The Equated Monthly Installment (EMI) formula helps borrowers estimate fixed monthly payments for loans. Use principal, annual interest rate and tenure to compute EMI, total interest and total payment. This estimator assumes fixed interest and equal monthly payments. It's helpful for budgeting and loan comparisons. Always confirm exact amortization schedule and prepayment penalties with the lender.
Formula
EMI = P * r * (1+r)^n / ((1+r)^n - 1)
FAQs
Can EMI change?
If interest rate is floating, EMI may change.
Does tenure affect EMI?
Longer tenure lowers EMI but increases total interest.
Prepayment effect?
Prepayment reduces principal and future interest.
Are there fees?
Lenders may charge processing fees separate from EMI.
Currency?
EMI currency follows loan currency.