Work out the fixed monthly payment (EMI) for any loan amount, interest rate and term.
Calculated instantly in your browser — your figures never leave your device.
Understanding your result
The monthly figure is your fixed installment. Total interest is everything you pay above the principal, and total payment is principal plus interest. A longer term lowers the monthly EMI but increases total interest paid.
Formula and method
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly installments. When the rate is 0%, EMI simplifies to P ÷ n.
Assumptions and limitations
The EMI assumes a fixed interest rate with equal monthly payments. It excludes processing fees, insurance, prepayment penalties and taxes, which vary by lender and region, so treat the figure as a close estimate.
Worked example
For a 250,000 loan at 7.5% annual interest over 5 years (60 months): monthly rate r = 0.625%, EMI ≈ 5,010 per month, total repayment ≈ 300,621 and total interest ≈ 50,621.
How it compares
| Aspect | Flat rate | Reducing balance (EMI) |
|---|---|---|
| Interest charged on | Full original principal | Outstanding balance |
| Effective cost | Higher | Lower |
| Common in | Some short-term loans | Mortgages & most bank loans |
How to use this tool
- Enter the loan amount you want to borrow.
- Add the annual interest rate quoted by your lender.
- Set the loan term and choose years or months.
- Press Calculate to see your monthly EMI and a full breakdown.
Common mistakes to avoid
- Entering the monthly interest rate instead of the annual rate.
- Mixing up years and months in the term field.
- Forgetting that fees, insurance and taxes are not included in EMI.
About the Loan EMI Calculator
The Loan EMI Calculator shows the Equated Monthly Installment (EMI) — the fixed amount you repay each month on a loan that combines principal and interest. Use it to compare offers, budget confidently and understand the true cost of borrowing before you commit.
Who should use this tool
Anyone taking out or comparing a fixed-rate loan — personal, car, education or home — who wants to know the monthly payment and total interest before signing.
Benefits
- See your exact monthly payment before you apply.
- Understand how much of the loan is interest versus principal.
- Compare lenders and terms side by side in seconds.
- Plan a realistic monthly budget around the repayment.
Practical use cases
- Checking affordability before approaching a bank.
- Comparing a 3-year versus a 5-year repayment plan.
- Deciding how much to borrow for a car or renovation.
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Frequently asked questions
Does this include processing fees or insurance?
No. The EMI covers only principal and interest. Lenders may add one-time or recurring charges that change your real cost.
What happens if I choose a longer term?
A longer term reduces each monthly payment but increases the total interest you pay over the life of the loan.
Is my financial data stored anywhere?
No. All calculations run locally in your browser and nothing is sent to a server.