Loan EMI Calculator
Calculate your monthly loan payments, total interest costs, and loan amortization breakdown.
$
Monthly EMI Payment
$500.99
Total Interest
$5,059
Total Payment
$30,059
Understanding Loan EMI & Amortization Math
An Equated Monthly Installment (EMI) is the fixed monthly payment amount that a borrower pays to a financial institution to repay a loan. Each payment is divided into two parts: principal repayment and interest charges.
The Standard Loan EMI Mathematical Formula
Our calculator executes the universal banking amortization formula:
EMI = [P × r × (1 + r)ⁿ] ÷ [(1 + r)ⁿ - 1]
Where:
• P = Principal loan amount
• r = Monthly interest rate (Annual APR divided by 12 and converted to decimal)
• n = Total number of monthly installments (Loan tenure in years × 12)