Emi
Emi is a fast, free finance calculator. Enter Loan Amount, Annual Interest Rate and Loan Term (Months) to get an instant, accurate result — complete with the formula, a step-by-step worked example, and answers to common questions, all on one page and private to your browser.
Formula
EMI = P × [r(1+r)^n] / [(1+r)^n - 1], where r = annual rate / 12, n = months
- EMI = Equated Monthly Installment
- Uses monthly compounding
- Includes principal and interest
Auto Loan
Inputs
- Loan Amount: 100000 $
- Annual Interest Rate: 8 %
- Loan Term (Months): 60 months
A $100,000 loan at 8% annual rate over 60 months requires $1,861.64 monthly EMI with total interest of $11,698.20.
Frequently asked questions
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay each month toward your loan, including both principal and interest.
Why does interest vary?
Each month, interest is calculated on remaining balance. Early payments have more interest; later payments have more principal.