Loan EMI Calculator

Calculate the monthly payment (EMI), total interest, and total amount payable for any loan amount, interest rate, and term.

This EMI calculator is for anyone taking on or comparing a fixed-instalment loan — a personal loan, car loan, home loan, or any borrowing repaid in equal monthly payments. It helps borrowers see the true monthly commitment before signing, compare offers with different rates and terms on a like-for-like basis, and understand how much of their money goes to interest versus principal over the life of the loan. It is equally useful for someone deciding between a shorter, pricier-per-month loan and a longer, cheaper-per-month one, where the monthly figure and the total interest pull in opposite directions.

EMI stands for Equated Monthly Instalment: a single fixed payment that covers both interest and principal so the loan is fully repaid by the end of the term. The calculator uses the standard amortization formula, which takes your principal, the monthly interest rate (the annual rate divided by twelve), and the number of months, and solves for the payment that exactly clears the balance. Early payments are mostly interest because the outstanding balance is large; later payments are mostly principal as the balance shrinks. The tool reports the monthly EMI, the total interest you will pay, and the total amount repaid, so the real cost of borrowing is visible up front.

Borrow $200,000 at 8% annual interest over five years. The monthly rate is about 0.667%, and over 60 months the EMI works out to roughly $4,056. Across all 60 payments you repay about $243,300, meaning around $43,300 is interest on top of the $200,000 borrowed. Stretching the same loan to ten years would lower the monthly payment but raise total interest substantially, which is the classic trade-off the calculator makes easy to see.

The amortization math is universal, but how lenders quote and compound interest is not. Some markets advertise a nominal annual rate, others an APR that bundles fees, and compounding conventions differ. This calculator assumes monthly compounding on the rate you enter and excludes fees, insurance, and taxes, which a lender's official quote may add. Currency formatting defaults to dollars, but the result is the same in any currency because the formula is rate-and-term based, not country-specific.

• Focusing only on the monthly payment. A lower EMI from a longer term usually means much more total interest.
• Entering the annual rate where a monthly rate is needed, or vice versa. This tool takes the annual rate and converts it for you.
• Ignoring fees. Origination fees, insurance, and taxes are not in the EMI and raise the true cost.
• Forgetting that extra payments shorten the loan. Paying more than the EMI reduces principal faster and cuts total interest.
• Assuming a variable rate stays fixed. If your rate can change, the EMI here reflects only the current rate.

Loan payments are due on a schedule set by your lender, typically the same date each month. Missing a payment usually triggers a late fee and can harm your credit; repeated misses risk default. If your loan allows prepayment without penalty, making extra payments early in the term saves the most interest because that is when the balance — and therefore the interest charge — is highest.

• Amortization formula (standard) - Reference (retrieved 2026-06-09)