Loan Calculator (EMI)
Work out the fixed monthly payment (EMI) on any loan from the amount, interest rate and term — with the total interest, the total repaid and the working shown.
Work out a loan payment
An example is worked out below — change any figure and it updates.
Your monthly payment (EMI), total interest and the working will appear here.
The payment and the true cost
Two numbers every borrower should see side by side.
Monthly payment (EMI)
The fixed amount that leaves your account each month until the loan is repaid.
Total interest
The full cost of borrowing over the term — the figure monthly payments hide.
Quote checker
Amount, rate and term in; if a lender’s EMI differs, one of their figures differs somewhere.
About this loan calculator
An EMI — equated monthly instalment — is the fixed payment on a reducing-balance loan: each month you pay that month’s interest on the balance still owed, plus part of the amount borrowed, so early payments are mostly interest and later ones mostly repayment. The EMI formula sizes the payment so the balance lands exactly on zero with the final instalment.
The figures assume a fixed rate for the whole term and no fees. Real loans may add arrangement or insurance fees, and variable-rate loans change as the rate moves — in both cases the totals here are the clean baseline to compare an offer against. Amounts are currency-neutral: the same maths works in dollars, pounds, rupees or any other currency, which is why the EMI name (common in South Asia) and monthly payment mean the same thing here.
Borrowing against a home is the one case with extra moving parts — deposits, property tax and insurance estimates — and the Mortgage Calculator covers those; this page is the general-purpose loan tool.
Frequently asked questions
What an EMI is, how it is calculated, and what it leaves out.
What is an EMI?
An equated monthly instalment: the fixed monthly payment that repays a loan plus its interest over the term, calculated so the balance reaches zero with the last payment. Outside South Asia it is usually just called the monthly payment — the maths is identical.
How is the EMI calculated?
EMI = P x r x (1 + r)^n / ((1 + r)^n – 1), where P is the amount borrowed, r is the monthly rate (yearly rate / 100 / 12) and n is the number of monthly payments. The result above shows the formula with your figures in it.
Why is so much of an early payment interest?
Interest each month is charged on the balance still owed, which is highest at the start. As the balance falls, the interest share shrinks and more of the same fixed payment clears the amount borrowed.
What if the interest rate is 0%?
Then the payment is just the amount divided by the number of months, and the total interest is zero — the calculator handles this directly.
Does this include loan fees?
No. Arrangement fees, insurance add-ons and early-repayment charges sit outside the EMI formula. Treat the result as the interest-and-principal baseline and add any fees a lender quotes on top.
Is my data stored anywhere?
No. The calculation runs in your browser; nothing you type is uploaded, logged or stored.