Loan EMI Calculator
Last updated: 23 October 2026
Work out the monthly EMI on any loan from the amount, interest rate and term, with total interest and total repayment shown. Free and instant.
Monthly payment (EMI)
8,791.59
Total interest
5,499.06
Total repayment
105,499.06
12 monthly payments. Early in the term most of each payment is interest; later, most of it repays the principal.
Formula: EMI = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the annual rate divided by 1200 (the monthly rate), and n is the number of monthly payments. The result assumes a fixed interest rate for the whole term and does not include arrangement fees, insurance or taxes, so treat it as an estimate and confirm the exact figures with your lender.
Why this tool is private
Your numbers are crunched locally in this tab — nothing is sent to a server. No sign-up, no uploads, nothing to install.
How to use the Loan EMI Calculator
- Enter the total loan amount in whatever currency the loan is in - the calculation is identical for dollars, rupees, pounds or any other currency.
- Type the annual interest rate as a percentage, for example 10 for a 10% loan. Use the lender's yearly rate, not a monthly figure.
- Enter the term and choose Years or Months beside it - five years and sixty months give exactly the same result.
- Read the three results: your monthly EMI, the total interest over the whole term, and the total repayment - the amount borrowed plus all the interest.
- Try a shorter term or a lower rate and watch the total interest change: the monthly payment rises on shorter terms, but the overall interest usually falls sharply.
About this Loan EMI Calculator
An EMI - Equated Monthly Installment - is the fixed monthly payment that clears a loan, interest included, on schedule. This calculator works it out from the three numbers every borrower knows: how much you are borrowing, the annual interest rate, and the term, which you can enter in years or months. It shows the monthly payment, total interest and total repayment, so the true cost of borrowing is never hidden behind a small monthly figure. The amortisation formula is identical for home, car and personal loans in any currency, results update as you type, and everything is calculated in your browser - never uploaded or stored.
How the EMI calculation works
EMI - Equated Monthly Installment - is built on one idea: a single fixed payment that exactly clears the loan, with interest, on the final month. Interest is charged monthly on the balance still owed, so the calculator first converts your annual rate into a monthly one by dividing by 1200 (twelve months, and percent to decimal in a single step). It then applies the standard amortisation formula, EMI = P x r(1+r)^n / ((1+r)^n - 1), where P is the amount borrowed, r the monthly rate and n the number of payments.
Because the payment is fixed but the balance shrinks, the two parts inside it trade places over time. Early payments are mostly interest; late payments are mostly principal. That shift is automatic and needs no yearly recalculation - it falls out of charging interest only on what remains owed. Multiply the EMI by the number of months and subtract the amount borrowed, and you get the total interest figure this calculator shows beside the payment.
Worked example: 100,000 at 10% for one year
Borrow 100,000 at an annual rate of 10% for 12 months. The monthly rate is 10 divided by 1200, which is 0.008333. Feeding the numbers into the formula - 100,000 x 0.008333 x (1.008333)^12, divided by ((1.008333)^12 - 1) - gives a monthly EMI of 8,791.59. Type those three figures into the calculator above and you will see the same result to the cent.
Across the year you pay 12 x 8,791.59 = 105,499.06 in total. Of that, 100,000 is the amount you borrowed, so the remaining 5,499.06 is interest - the true cost of the loan. Notice how small the interest share is here compared with a long mortgage: short terms at moderate rates are cheap credit, because the balance, and therefore the monthly interest charge, falls quickly.
Choosing a term: the real trade-off
The term is the most powerful lever you control. Take a 250,000 home loan at 7%. Over 20 years the EMI is 1,938.25 a month, but the total interest reaches 215,179.36 - about 86% of the amount borrowed, on top of repaying the loan itself. Halve the term to 10 years and the EMI climbs to 2,902.71, an extra 964.46 a month, yet the interest collapses to 98,325.44. The shorter loan costs 116,853.92 less overall.
Neither choice is automatically right. A household budget must survive job gaps and emergencies, and an unaffordable payment risks the asset itself. The practical method is to start from the highest monthly payment you can sustain comfortably, then read the total interest at that term and decide whether the saving justifies it. Use this calculator to test three or four terms side by side before you talk to a lender.
Honest limitations
This calculator models an idealised loan: one fixed rate from start to finish, equal monthly payments, and nothing else. Real loans add arrangement and processing fees, sometimes insurance premiums folded into the balance, and taxes that vary by country. Variable-rate loans change the EMI - or the remaining term - whenever the rate moves, and a single mid-term rate change invalidates a one-shot estimate like this one. The figures are a planning estimate, not a quote.
It also assumes you never pay extra. In practice, overpaying or making one lump-sum prepayment cuts the balance early and can remove a surprising amount of interest, because every later month's interest is then charged on less. If your lender allows penalty-free prepayment, treat the total interest shown here as the worst case - the price of changing nothing - and anything you pay early as a direct saving against it.
How it works
Enter a loan amount, an annual interest rate and a term in years or months, and this calculator shows the fixed monthly payment (EMI) using the standard amortisation formula, together with the total interest you will pay and the total repayment over the full term. The maths is the same for home, car and personal loans in any currency. Results update as you type, and nothing you enter leaves your browser.
Privacy note: this tool runs locally in your browser. Your input is not uploaded, stored in analytics, or placed in the page URL.
Frequently asked questions
What does EMI mean?
EMI stands for Equated Monthly Installment. It is the fixed amount you pay a lender every month until a loan is cleared. Each payment blends two parts: interest on the balance still owed, and a slice of the original amount borrowed (the principal). The payment stays the same throughout the term on a fixed-rate loan, but the blend inside it changes - interest first, principal later.
How is the EMI calculated?
The calculator uses the standard amortisation formula. Your annual interest rate is divided by 1200 to get the monthly rate, because there are twelve months in a year and the rate is a percentage. The formula then finds the fixed monthly payment which, repeated over the whole term with interest compounding monthly on the shrinking balance, repays the loan exactly with the final payment. Total interest is that payment multiplied by the number of months, minus the amount you borrowed.
Why is so much of my early payment interest?
Because interest each month is charged on whatever you still owe, and at the start you owe the entire loan. On a 100,000 loan at 10% over 12 months, the first month's interest alone is about 833 - nearly a tenth of the 8,791.59 payment. As the balance falls, the interest portion shrinks and more of each unchanged payment attacks the principal, which is why the balance drops faster near the end.
Does a longer term make the loan cheaper?
Each month, yes; overall, no. Stretch a 250,000 loan at 7% over 20 years and the payment is a manageable 1,938.25 - but you hand over 215,179.36 in interest, close to the amount borrowed. Cut the term to 10 years and the payment rises to 2,902.71, yet the interest falls to 98,325.44: a saving of 116,853.92. If you can afford the higher payment, a shorter term is almost always far cheaper.
Can I use this for a home, car or personal loan in any currency?
Yes. The calculation never touches a currency symbol - it only multiplies the numbers you give it - so the same maths works for a home loan in dollars, a car loan in rupees or a personal loan in pounds. Just enter the amount in your loan's currency and read every result in that same currency. Note that fees, taxes and typical rates differ between countries, even though the formula does not.
Does the calculator include fees, insurance or taxes?
No, and that matters. The result assumes one fixed interest rate for the whole term, equal monthly payments, and no extras - it ignores arrangement and processing fees, insurance bundled into the loan, taxes, late charges and any prepayment you might make. A lender's official quote may therefore differ slightly. Use this figure to compare loans and plan a budget, then confirm the exact EMI on the lender's paperwork before signing.
What happens if the interest rate is 0%?
The division still works. With a rate of zero there is no interest to spread, so the formula reduces to simple division: the monthly payment is the amount borrowed divided by the number of months. Borrow 12,000 at 0% over 12 months and the payment is exactly 1,000, with zero total interest and a total repayment of 12,000. The calculator handles this case directly instead of dividing by a zero rate.
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