EMI Calculator

Calculate monthly loan payments from a principal amount, annual interest rate, and loan term in months. See the estimated equal monthly installment.

Formula

Monthly payment = principal × monthly rate ÷ [1 − (1 + monthly rate) raised to −number of months].

Monthly rate is the annual percentage rate divided by 1,200. At a 0% rate, divide principal by the number of months.

Calculation with your values

This estimate covers principal and interest at a fixed rate. Fees, taxes, and insurance are excluded.

{
  "calculator": "emi-calculator",
  "input_types": [
    "int",
    "float",
    "int"
  ],
  "input_labels": [
    "P",
    "R",
    "n"
  ],
  "input_values": [
    "100000",
    "11.5",
    "12"
  ],
  "input_units": [
    "currency",
    "percentage",
    "months"
  ],
  "input_descriptions": [
    "Principal Amount",
    "Annual Interest Rate",
    "Tenure (in months)"
  ],
  "intermediates": [
    [
      "r",
      " ( R /12)/100"
    ]
  ],
  "title": "EMI",
  "category": "Financial",
  "formula_mathjax": "\\({\\ Pr \\dfrac{ (1 + r) ^n}{ (1 + r)^{n} -1 }\\ }\\)",
  "formula_mathjax_sub": "\\({\\  P * r * \\dfrac{ (1 + r ) ^ { n } }{ (1 + r )^{ n } -1 }\\ }\\)",
  "formula": "R == 0 ? P / n : P * (R / 1200) / (1 - (1 + R / 1200) ** -n)",
  "op_label": "EMI",
  "explanation": "Calculate monthly loan payments from a principal amount, annual interest rate, and loan term in months. See the estimated equal monthly installment.",
  "template": "calculator"
}