EMI Calculator
Work out your monthly loan payment and total interest.
Monthly EMI
$2,013.98
- Total interest
- $233,355.92
- Total payment
- $483,355.92
- Number of payments
- 240
- Principal 51.7%
- Interest 48.3%
How to use the EMI Calculator
- Enter the loan amount you want to borrow.
- Enter the annual interest rate quoted by the lender.
- Type the loan term and choose months or years.
- Read your monthly EMI, total interest and total payment, and check the chart for the split between principal and interest.
About the EMI Calculator
An equated monthly instalment (EMI) is the fixed amount you repay every month until a loan is cleared. It is how most car loans, personal loans and home loans are structured. This calculator shows your monthly EMI, the total interest you will pay over the whole term, and the total amount repaid, so you can compare lenders before you sign.
The calculator uses the standard reducing-balance formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan amount, r is the monthly interest rate (the annual rate divided by 12 and by 100) and n is the number of monthly payments.
Because interest is charged on the balance still owed, early payments are mostly interest and later ones are mostly principal, even though the EMI stays the same. Total payment is the EMI multiplied by n, and total interest is that figure minus the amount you borrowed. If the rate is 0%, the formula simplifies to the loan divided by the number of months.
Frequently asked questions
What does EMI stand for?
EMI stands for equated monthly instalment. It is the fixed payment you make every month, covering both interest and part of the loan itself, until the balance reaches zero.
Does a longer term lower my EMI?
Yes. Spreading the same loan over more months makes each payment smaller, but you pay interest for longer, so the total interest is higher. Try changing the term to see the trade-off.
Are fees and insurance included?
No. The result covers principal and interest only. Processing fees, insurance and late-payment charges are extra, so ask your lender for the full cost.
Is this the same as a flat-rate loan?
No. This calculator assumes a reducing balance, where interest falls as you repay. Flat-rate loans charge interest on the original amount for the whole term, which costs more for the same quoted rate.
Is my data stored anywhere?
No. All calculations run in your browser and nothing you enter is sent to a server.