Know the monthly cost before you sign.
Loan amount, rate, tenure. Get the EMI, the total interest, and the full repayment — in seconds.
What is an EMI?
Equated Monthly Installment (EMI) is the fixed payment a borrower makes to a lender each month. It covers both the principal (the borrowed amount) and the interest, so the loan is fully repaid by the end of the agreed tenure.
In early months, a larger share of each EMI goes to interest; as the loan matures, more of it goes to principal. This shift is called Amortization.
How to Use
- Enter the loan amount in rupees.
- Set the annual interest rate (typical home loan: 8–9%).
- Pick the loan tenure in years.
- Read the monthly EMI, total interest, and total payable in the result panel.
Formula Used
The calculator uses the standard reducing-balance amortization formula:
Example Calculation
Frequently asked questions.
What is EMI?
EMI (Equated Monthly Installment) is a fixed payment a borrower makes to the lender each month, covering both principal and interest until the loan is fully repaid.
How is EMI calculated?
EMI is calculated using the formula: EMI = P × r × (1+r)^n / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate, and n is the loan tenure in months.
Is this EMI calculator free to use?
Yes, Binary Lab's EMI calculator is completely free with no signup required.
Does prepayment reduce my EMI?
Prepayment reduces the outstanding principal. Depending on the lender's policy, you can either lower future EMIs or shorten the loan tenure.
What is the difference between flat rate and reducing rate?
Flat rate charges interest on the original principal for the whole tenure. Reducing rate (used here) charges interest only on the outstanding principal, which falls each month.
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