EMI Calculator
Your EMI Details
Monthly EMI
₹10,260
Total Interest
₹1,15,616
Total Payment
₹6,15,616
Amortization Schedule
| Month | EMI | Principal | Interest | Balance |
|---|
About EMI Calculator
An EMI (Equated Monthly Installment) calculator helps you estimate your monthly loan payments based on the loan amount, interest rate, and tenure. It's essential for planning your finances when taking any type of loan.
What is EMI?
EMI stands for Equated Monthly Installment. It's the fixed payment amount a borrower pays to a lender at a specified date each calendar month until the loan is paid in full.
How EMI is Calculated
EMI is calculated using the formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where P=Principal, R=Monthly interest rate, and N=Number of monthly installments.
Understanding Amortization
Amortization is the process of spreading out a loan into fixed payments over time. Initially, more of your payment goes toward interest; later, more goes toward principal.