EMI Calculator
Calculate loan EMI, interest and total payment
Monthly EMI
₹10,258
What is EMI Calculator?
An EMI (Equated Monthly Instalment) calculator computes the fixed monthly payment required to repay a loan within a specified period. EMI consists of two components: the principal (the borrowed amount being repaid) and the interest (the cost of borrowing). At the start of a loan, the majority of each EMI payment goes towards interest; as the balance reduces, a larger share goes towards principal — this is amortisation.
The EMI formula is: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of months.
Understanding your EMI before taking a loan is essential for financial planning. It helps you determine whether the monthly payment fits your budget, compare loan offers from different lenders, understand the total interest cost over the loan lifetime, and decide between a longer tenure (lower EMI but higher total interest) and a shorter tenure (higher EMI but lower total interest). Altairys's EMI Calculator provides not just the monthly payment but also a complete amortisation schedule showing the principal and interest breakdown of every single payment.
How to Use EMI Calculator
- Enter loan amount
Type the principal amount you wish to borrow.
- Enter interest rate
Enter the annual interest rate offered by your bank or lender.
- Set loan tenure
Enter the loan duration in years or months.
- View EMI and schedule
See your monthly EMI, total interest, total payment, and the full amortisation schedule.
Key Benefits
See the principal and interest breakdown of every monthly payment.
Pie chart showing the split between total principal and total interest paid.
Results update immediately as you change loan amount, rate, or tenure.
Adjust parameters to compare different loan offers side by side.
Frequently Asked Questions
EMI (Equated Monthly Instalment) is a fixed monthly payment that includes both principal repayment and interest. It's calculated using the formula: EMI = P × r(1+r)^n / ((1+r)^n - 1).
Yes — a longer tenure reduces monthly EMI but significantly increases total interest paid over the loan lifetime. A shorter tenure has higher EMI but lower total cost.
Financial advisers recommend keeping total EMI obligations below 40–50% of your monthly take-home income. Above this level, financial stress increases significantly.
Making part-prepayments reduces the outstanding principal, which reduces future interest charges. Even one lump-sum prepayment can significantly reduce total interest and loan tenure.
Reducing balance interest (standard for bank loans) calculates interest on the outstanding principal each month. Flat rate calculates interest on the original principal throughout — flat rate loans are more expensive than they appear.