Explanation
EMI is computed using the standard amortization formula for fixed-rate loans with equal monthly payments.
EMI Calculator
Calculate fixed monthly EMI for a loan using amount, annual rate, and term.
Formula
EMI = P × [r(1 + r)^n] / [(1 + r)^n - 1]
EMI is computed using the standard amortization formula for fixed-rate loans with equal monthly payments.
- EMI: Equal monthly installment
- P: Loan principal
- r: Monthly interest rate
- n: Number of months
Example
$500,000 loan, 9% annual interest, 60 months
- Convert annual interest rate to monthly rate
- Apply amortization formula
- Multiply EMI by term to get total payment
Output includes monthly EMI, total repayment, and total interest.