EMI / Loan Calculator
Work out the monthly instalment on any loan — home, car, personal or business — along with the total interest you will pay over its life.
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How it works
An EMI (equated monthly instalment) is a fixed payment that repays both interest and principal over a set term. Early payments are mostly interest and later ones mostly principal, but the amount leaving your account each month stays the same.
This calculator uses the standard amortisation formula that banks and lenders use, so the figure it produces matches what a lender would quote for the same inputs.
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P — the principal — the amount borrowed
- r — the monthly interest rate (annual rate ÷ 12 ÷ 100)
- n — the number of monthly payments (years × 12)
Worked example
Borrowing 200,000 at 6% annual interest over 30 years
Inputs
Results
You repay more than twice the amount borrowed — which is why the total-interest figure matters as much as the monthly one.
Frequently asked questions
Does a longer term reduce my monthly payment?
Yes, but it increases the total interest. Stretching the example above from 30 to 40 years lowers the monthly payment but adds substantially to what you repay overall. Compare both figures before choosing a term.
Which interest rate should I enter?
The annual nominal rate your lender quotes, before fees. If you have been given an APR that bundles in fees, the monthly payment shown here will be slightly lower than your real one.
Does this include fees, taxes or insurance?
No. It calculates principal and interest only. Property tax, insurance and arrangement fees vary by lender and region, so add them separately.
Is my data sent anywhere?
No. The calculation runs entirely in your browser. Nothing you type is transmitted to us or stored.
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