Loan EMI Calculator

Enter the loan amount, annual interest rate and term to see the monthly payment, total interest and total cost, with a year-by-year breakdown. It works in any currency and nothing is saved.

How to calculate a loan payment

1. Enter the loan amount.
2. Enter the annual interest rate as a percentage.
3. Enter the term and choose years or months.
4. Press Calculate. The monthly payment, total interest, total paid and a yearly table appear.

The EMI formula

For a standard reducing-balance loan, EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the amount borrowed, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments. Example: 200,000 at 6% over 30 years gives a monthly payment of about 1,199.10, a total of about 431,676 and interest of about 231,676. For 10,000 at 12% over 12 months the payment is 888.49.

How the term changes the total interest

A shorter term means a higher payment but much less interest. The same 200,000 at 6% over 15 years costs about 1,687.71 a month, about 303,788 in total and about 103,788 in interest, roughly 128,000 less than the 30-year loan. Try both terms and compare the totals.

Reducing-balance vs flat-rate loans

This calculator assumes interest is charged on the balance still owed, which is how most mortgages, car loans and personal loans work. Some lenders quote a flat rate, where interest is calculated on the original amount for the whole term. A flat rate is lower on paper but costs more than the same percentage on a reducing balance, so compare lenders using the effective annual rate.

What the result does not include

Fees, insurance, taxes, variable rates, grace periods, extra repayments and rounding by the lender are not included. Your lender's schedule is the final word, so use this tool for planning and comparing offers.

Frequently asked questions

How do I calculate EMI?

Enter the amount, annual rate and term and press Calculate. The monthly payment is the EMI.

Does it work for any currency?

Yes. It uses plain numbers, so the answer is in the same currency as the amount you enter.

What is the difference between flat and reducing rate?

A flat rate charges interest on the original loan for the full term. A reducing rate charges it on the remaining balance, so for the same percentage the flat rate costs more.

Can I enter the term in months?

Yes. Choose Months in the term unit box. Terms from 1 month to 50 years are supported.

Does it include fees or insurance?

No. It covers principal and interest only.

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