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EMI Calculator

Calculate your Equated Monthly Installment (EMI) for home loans, car loans, and personal loans. View a full amortization schedule with interest breakdown.

Used 26.0K times today

How to Use EMI Calculator

  1. 1

    Enter loan details

    Input your principal loan amount, annual interest rate, and loan tenure in months or years.

  2. 2

    Calculate your EMI

    The tool instantly computes your monthly EMI, total interest payable, and total amount payable over the loan period.

  3. 3

    Review the amortization table

    Scroll down to see a month-by-month breakdown of principal and interest components for each EMI payment.

Frequently Asked Questions

What formula is used to calculate EMI?
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly installments.
Does a higher tenure mean lower EMI?
Yes. A longer tenure reduces your monthly EMI but increases the total interest you pay over the life of the loan.
Can I use this for any type of loan?
Yes. The EMI formula applies to home loans, car loans, personal loans, education loans, and any fixed-rate installment loan.
Is the amortization schedule accurate?
Yes. The schedule uses the same formula as banks and is accurate for fixed-rate loans. Variable-rate loans may differ once rates change.

About EMI Calculator

The EMI Calculator on Utilko is an essential tool for anyone planning a loan. Enter your loan amount, interest rate, and tenure to instantly see your monthly installment, the total interest payable, and the total repayment amount. The visual pie chart clearly shows the split between principal and interest, helping you understand the true cost of borrowing.

The built-in amortization schedule breaks down every payment month by month, so you can see exactly how your balance reduces over time. This level of transparency is invaluable when comparing loan offers from different lenders or deciding whether to opt for a shorter tenure to save on interest.

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