# EMI Calculator

## Online equated monthly installment (EMI) calculator, calculate your monthly payments.

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### Equated Monthly Installment Calculator

• Equated Monthly Installment (EMI) calculator is a fixed payment amount made by a borrower to a lender at a specified date.

EMI =  P x APRN 1 - ( 1 + APRN )(-N x Y)

P = Loan amount
APR = Annual percentage rate
N = Number of payments per year (monthly payment means 12 payments in a year)
Y = Term of the loan (number of years)

But if the interest rate is equal to zero:
EMI = Loan amount ÷ Total number of payments

• Example: calculate the monthly payment for a loan of \$50,000 at an annual rate of 6% and a 5-year term.

EMI =

 P x APR/ N 1 - (1 + APR/N) (-N x Y)
=  50,000 x 0.06 ÷ 12 1 - (1 + 0.06 ÷ 12) (-12 x 5)
=  250 0.259
= 966.64

monthly payment = \$966.64
total payment number = 12 x 5 = 60 payment
total payment = 60 x 966.64 = \$57,998.4
total interest = 57,998.4 - 50,000 = \$7,998.4
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