Monthly EMI, total interest, and total payment for any loan amount and term.
An EMI (Equated Monthly Installment) is the fixed monthly payment you make on a loan, combining both principal and interest, calculated using the standard reducing-balance method banks use — meaning the interest portion shrinks and the principal portion grows with each payment, even though the total monthly amount stays the same. This calculator takes your loan amount, interest rate, and term, and shows your monthly payment alongside the total interest and total amount you'll pay over the life of the loan, so you can compare loan offers or terms before committing.
Enter the loan amount, annual interest rate, and loan term in months or years, then tap Calculate EMI to see your monthly payment, total interest, and total amount payable over the life of the loan.
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. For a loan of 10,000 at 12% a year over 12 months, r is 0.01 and the EMI is about 888.49. Over the year you would pay about 10,661.85 in total, of which roughly 661.85 is interest. Early payments are mostly interest and later ones mostly principal, even though the instalment stays constant.
Try the same loan with two or three different terms and compare the Total Interest figure, not just the monthly amount.
This calculator covers principal and interest only. Processing fees, insurance, prepayment charges and variable-rate changes are not included, so add them separately when comparing offers. Banks may also quote a flat rate instead of a reducing-balance rate; a flat rate looks lower but costs more, so confirm which one applies. Ask for the annual percentage rate (APR) when comparing lenders. For other money maths, see the Compound Interest Calculator for savings growth, the Currency Converter for loans in another currency, and the Percentage Calculator for quick rate comparisons. This tool gives estimates, not financial advice.
How is EMI calculated?
Using the standard reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly installments.
Does this include fees or insurance?
No — this calculates principal and interest only. Add any separate fees or insurance premiums manually.
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