An EMI (equated monthly instalment) is the fixed amount you pay each month on a loan. This calculator shows your EMI plus the total interest and total amount you will repay.
Enter the loan amount, annual interest rate and term, and the result updates instantly in your browser.
How to use the Loan & EMI Calculator
- Enter the loan amount.
- Enter the annual interest rate and the term in years.
- See your monthly EMI, total interest and total payment.
How EMI is calculated
An Equated Monthly Instalment is the fixed amount that repays a loan with interest over a set term. The formula is EMI equals P times r times (1+r) to the power n, divided by ((1+r) to the power n minus 1), where P is the principal, r the monthly interest rate and n the number of months. A 1,000,000 loan at 12 percent yearly over 5 years works out near 22,244 per month.
What actually changes your EMI
Tenure has the biggest visible effect: stretching the same loan from 5 to 10 years drops the monthly payment sharply but nearly doubles the total interest paid. Rate matters more than it looks, since even one percent over a long tenure adds a large sum. The calculator shows total interest alongside the EMI so you can see the real cost of a longer term, not just the friendlier monthly number.
Common uses
- Comparing car, personal and home loan offers
- Checking affordability before applying
- Seeing how a shorter tenure cuts total interest
- Planning prepayments and budgets
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Frequently asked questions
Is the EMI calculator free?
Yes, free with no signup.
How is EMI calculated?
It uses the standard reducing-balance EMI formula based on amount, rate and term.
Does it store my numbers?
No. The calculation runs in your browser and nothing is saved.
Can I use it for any currency?
Yes. The result is a number you can read in any currency.