EMI Calculator

Easily calculate your monthly loan EMI in dollars with our user-friendly EMI Calculator. Enter your loan amount, interest rate, and tenure to get instant results, complete with a visual chart showing principal and interest breakdown.

EMI Calculator for Loan

Calculate your monthly EMI for a loan based on principal, interest rate, and tenure.

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Free EMI Calculator: Formula, Benefits, and How to Use It

An EMI (Equated Monthly Installment) Calculator is a financial tool that helps borrowers determine their monthly loan repayment amount. It considers the principal amount, interest rate, and loan tenure to calculate the fixed monthly payment.

How Does an EMI Calculator Work?

The EMI calculator uses a mathematical formula to compute the monthly installment based on three key factors:

    1. Principal Loan Amount (P) – The total amount borrowed.

    1. Interest Rate (R) – The annual rate of interest charged by the lender.

    1. Loan Tenure (N) – The repayment period in months.

EMI Calculation Formula

The formula to calculate EMI is:EMI=P×R×(1+R)N(1+R)N−1EMI=(1+R)N−1P×R×(1+R)N​

Where:

    • P = Principal loan amount

    • R = Monthly interest rate (Annual rate / 12 / 100)

    • N = Loan tenure in months

Example Calculation

If you take a loan of $10,00,000 at an annual interest rate of 8.5% for 10 years (120 months), the EMI would be calculated as follows:

    1. Convert annual rate to monthly rate:R=8.512×100=0.007083R=12×1008.5​=0.007083

    1. Apply the EMI formula:EMI=10,00,000×0.007083×(1+0.007083)120(1+0.007083)120−1=$12,398EMI=(1+0.007083)120−110,00,000×0.007083×(1+0.007083)120​=$12,398

Benefits of Using an EMI Calculator

✅ Accurate Results – Eliminates manual calculation errors.
✅ Financial Planning – Helps borrowers budget their monthly expenses.
✅ Compare Loan Options – Adjust principal, tenure, and interest rates to find the best deal.
✅ Time-Saving – Instantly computes EMI without complex math.

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