EMI Calculator

EMI Definition

EMI stands for “Equated Monthly Installment” and refers to any loan where a fixed monthly payment is made throughout the entire repayment period of the loan. EMIs are most common in home mortgages, but can also apply to a car loan or even a personal loan. With an EMI, the payment is the exact same amount each month and has the same due date. Borrowers are not allowed to pay any more or less than the calculated payment so as to ensure that the lender receives a set amount back in interest.

With our handy EMI calculator, you can easily find out what your fixed monthly payments will be based on the specific terms of your loan. To use our calculator, simply enter:

• Your total loan amount.
• The length of the loan term, in months.
• The annual interest rate as a percentage.

Upon entering this information, click the “calculate” button to receive instant results. The figure displayed will be your fixed monthly payment. Being aware of the monthly payment prior to agreeing to the loan itself is a great way to budget your spending and ensure that your finances will allow you to comfortably make the payments each month. Having an EMI as opposed to repayment amount that can fluctuate from month to month is a great way to stabilize your expenses and to make your finances more predictable.

Some other tips to keep in mind when it comes to EMIs:

• Take the time to calculate how much you will ultimately pay in interest alone over the entire repayment period of the loan to ensure that the cost is worth it. While an APR of 3% may seem very low, over the course of many months, it can really add up.
• Always be sure to make your payments on time. Missing or being late on even one payment can have serious negative consequences for your credit score and can also subject you to various late fees and penalties, depending on who your lender is and what the specific terms of your loan are.

How to Calculate EMI

Let's be honest - sometimes the best emi calculator is the one that is easy to use and doesn't require us to even know what the emi formula is in the first place! But if you want to know the exact formula for calculating emi then please check out the "Formula" box above.

Add a Free EMI Calculator Widget to Your Site!

You can get a free online emi calculator for your website and you don't even have to download the emi calculator - you can just copy and paste! The emi calculator exactly as you see it above is 100% free for you to use. If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. Click the "Customize" button above to learn more!