EMI and Loan Calculator
Enter a loan amount, yearly interest rate and term to see the monthly payment (EMI), the total interest and the total repaid, with a year-by-year breakdown. Works in any currency.
Runs in your browser. Your data is not uploaded.How our tools work
In any currency. Results use the same one.
Advanced: pay it off faster
Paid on top of the EMI, straight off the balance.
How do I calculate the EMI on a loan?
EMI, the equated monthly instalment, is the fixed monthly payment that repays a loan and its interest by the end of the term. It is P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), with r the monthly rate and n the months. For 100,000 at 10% over 12 months, the EMI is 8,791.59.
- Enter the loan amount in any currency. The results use the same currency.
- Enter the yearly interest rate, for example 8.5, and the loan term in years or months.
- Read the monthly payment, total interest and total payment, then open the year-by-year breakdown to see how the balance falls.
Want to see the EMI formula worked out step by step? Read our guide: The EMI Formula Worked Out by Hand, With a Spreadsheet Version
Formulas & Methods
Monthly payment (EMI)
Example: 100,000 at 10% for 12 months: r = 0.00833, EMI = 8,791.59
Zero-interest loan
Example: 12,000 over 24 months = 500 a month
Paying extra each month
Example: 250,000 at 8.5% over 20 years with 500 extra: paid off in 155 months instead of 240, saving 108,936.06 in interest
Total payment and interest
Example: 8,791.5887 × 12 = 105,499.06, so the interest is 5,499.06 (the EMI is shown rounded as 8,791.59)
Key features
Monthly payment, interest and total
See the EMI, the total interest and the total amount repaid for any fixed-rate loan.
Pay it off faster
Add an extra amount each month to see how much sooner the loan ends and how much interest you save.
Year-by-year breakdown
See how much principal and interest you pay each year and the balance left at the end of it.
Years or months
Enter the term in either. Half years, such as 2.5, are converted to whole months.
Common uses
- Compare home loan offers with different rates or terms
- Check what a car or personal loan will cost in total
- See how much a shorter term saves in interest
How the term changes the total cost
A longer term lowers the monthly payment but adds interest. Borrowing 250,000 at 8% costs 2,389.13 a month over 15 years, 430,043.44 in total. Over 25 years the payment falls to 1,929.54, but the total rises to 578,862.16, almost 149,000 more in interest.
Why a lender’s figure may differ
This calculator assumes a fixed rate on the reducing balance, with interest charged monthly and equal monthly payments. Lenders may also charge processing fees or insurance, count interest daily, or round each payment, so their figure can differ slightly.
Some lenders quote a flat rate, where interest is charged on the full original amount for the whole term. A flat rate costs much more than the same reducing-balance rate, so ask which one an offer uses.
The results are estimates to help you compare. They aren’t a loan offer or financial advice.
Frequently Asked Questions
What does EMI mean?
EMI stands for equated monthly instalment: the fixed amount you pay every month so that the loan and its interest are fully repaid by the end of the term.
Does the EMI include fees or insurance?
No. It covers only the loan and its interest. Add any processing fees, insurance or taxes your lender charges separately.
What is the difference between a flat and a reducing-balance rate?
A reducing-balance rate charges interest only on what you still owe, which is what this calculator uses. A flat rate charges interest on the original amount for the whole term, so it costs more.
Does paying extra shorten the loan or lower the payment?
Here it shortens the loan: the extra goes straight off the balance and the monthly payment stays the same, which saves the most interest. Some lenders instead recalculate a lower payment over the same term, so ask yours how extra payments are applied.
Can I calculate a zero-interest loan?
Yes. Enter 0 as the rate and the payment is the loan amount divided by the number of months.
Is my loan information stored?
No. The calculation happens in your browser, and the amounts you enter are never stored or sent to analytics.
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