EMI Calculator
Work out your monthly loan payment, total interest and repayment plan
- Amount borrowed:
- Interest:
Repayment schedule
| Year | Principal paid | Interest paid | Balance |
|---|
Private: everything happens in your browser. Nothing is uploaded.
How to use the EMI Calculator
- Enter the loan amount and the annual interest rate.
- Enter the loan period in years or months.
- See the monthly EMI, total interest and the year-by-year schedule.
About this tool
Before you borrow, it helps to know what the loan will really cost. Enter the loan amount, the yearly interest rate and how long you will take to repay, and this calculator shows your monthly payment (EMI), the total interest and the total you will pay back.
The result uses the standard reducing-balance method used by most banks. Your lender's offer may include fees or a different calculation method, so treat this as a close estimate and confirm with your bank.
- Monthly EMI, total interest, total payment
- Principal versus interest chart
- Year-by-year repayment table
- Works in any currency
Frequently asked questions
What is an EMI?
EMI stands for equated monthly instalment: the fixed amount you pay your lender every month until the loan is repaid. Each payment covers some interest and some of the original amount borrowed.
How is EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments.
Why is my bank's figure a little different?
Banks may add processing fees or insurance, round differently, or use a different interest method. Use this as an estimate and confirm with your lender.
Does this work for car leasing and home loans?
Yes, any loan with a fixed rate and equal monthly payments. Type the amount, rate and period of your own loan.