Loan EMI Calculator
Calculate monthly EMI, total interest, and repayment details for any loan type — home, car, or personal.
Fill in the loan details to calculate your EMI.
What this loan calculator computes
This calculator works out the fixed monthly payment, called the EMI (equated monthly installment), for a loan with a fixed annual interest rate. It also shows the total you will pay and how much of that is interest. It is useful for comparing offers on a mortgage, a car loan or a personal loan before you sign anything.
The formula
The page uses the standard amortization formula:
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
P is the loan amount, r is the monthly interest rate (the annual percentage divided by 100 and then by 12), and n is the number of monthly payments. The total payment is the EMI multiplied by n, and the total interest is the total payment minus the loan amount.
Step by step
- Enter the Loan Amount in dollars.
- Enter the Annual Interest Rate as a percentage, such as 8.5. A rate of 0 is accepted.
- Enter the Loan Tenure, then choose years or months with the toggle beside it.
- Press Calculate EMI. The summary shows the Monthly EMI, Principal Amount, Total Interest and Total Payment, plus a bar that splits principal from interest.
Worked example
Borrow $10,000 at 8.5% a year over 5 years. The monthly rate is 0.085 divided by 12, about 0.00708, and n is 60 payments. Working through the formula gives an EMI of about $205 a month. Over 60 payments that comes to roughly $12,300, so the interest is about $2,300. Your lender may round differently, so confirm the exact figure against their repayment schedule.
Changing the tenure
Spreading the same loan over a longer tenure lowers the monthly payment but raises the total interest, because the balance stays outstanding for longer. A shorter tenure does the opposite. Use the years and months toggle to compare the two before choosing a term you can afford each month.
Limits and tips
- The result is the base EMI. Processing fees, insurance, taxes and other charges are not included, so the real cost can be higher.
- The formula assumes a fixed rate and equal monthly payments. Variable-rate loans will change over time.
- No amortization table or prepayment option is shown, so use your lender's schedule for year-by-year balances.
- Compare offers by total payment as well as monthly EMI, since a longer term can look affordable while costing much more overall.
Loan EMI Calculator – Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay to your lender every month until the loan is fully repaid. It includes both principal and interest components.
How is EMI calculated?
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. At 0% interest, EMI is simply the principal divided by n.
Does this calculator include taxes and fees?
No. This calculator shows the base EMI without processing fees, insurance, or other charges that lenders may add. Ask your lender for the full cost of the loan.
Can I use this for home loans and car loans?
Yes, for any loan with a fixed rate and equal monthly payments, such as a home, car, personal or education loan. A variable-rate loan will change its payments over time, so this shows only the starting EMI.