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Loan EMI Calculator: Monthly Payment and Total Interest

This free loan EMI calculator works out your equated monthly instalment from the loan amount, annual interest rate and term. It shows the total interest, the total you will repay and how the balance falls each year.

By Debmedia Technologies LLP · Kolkata, India · Updated

What Is It and When Do You Need It?

An EMI is the fixed monthly payment that clears a loan, interest included, by the end of the term. Home loans, car loans and personal loans are all repaid this way. Knowing the EMI before you borrow shows whether the loan fits your budget.

Enter the amount, rate and term. The calculator returns the EMI and the full cost of the loan.

How to Use This Tool

  1. Enter the loan amount.
  2. Enter the annual interest rate in percent.
  3. Enter the term and choose years or months.
  4. Press Calculate and read the EMI, the total interest and the yearly table.

How the Calculation Works

The monthly rate is the annual rate divided by 12 and by 100. The EMI formula is P × r × (1 + r)^n ÷ ((1 + r)^n − 1). Each payment first covers that month’s interest on the remaining balance, and the rest reduces the principal, so early payments are mostly interest. The yearly table adds up principal and interest for each year.

Worked Example

A loan of 1,000,000 at 8.5% for 20 years has an EMI of about 8,678.23. Over 240 months you repay 2,082,775 in total, of which about 1,082,775 is interest.

Common Uses

  • Checking affordability before taking a home, car or personal loan.
  • Comparing lenders and terms.
  • Planning extra repayments.
  • Understanding how much interest a loan really costs.

Tips and Common Mistakes

  • A small rate difference changes the total cost a lot on long loans.
  • Paying extra principal early cuts total interest sharply.
  • Compare the total repayment, not only the monthly EMI.

Next, you may need the compound interest calculator, simple interest calculator, SIP calculator, savings goal calculator.

Everything runs in your browser. Nothing you type is uploaded, stored or sent to any outside service.

Frequently Asked Questions

EMI stands for equated monthly instalment. It is the fixed amount you pay every month to repay a loan with interest over its term.
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months.
Yes, but you pay much more interest overall. A shorter term has a higher EMI and costs less in total.
No. It covers principal and interest only. Processing fees, insurance and taxes are extra and set by your lender.

Disclaimer: results are calculated in your browser from the numbers you enter. Check important results before you rely on them for money, health, safety or legal decisions.