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Loan EMI Calculator

Monthly installment, total interest, and payoff summary.

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About the Loan EMI Calculator

Calculates your fixed monthly loan payment (EMI, or equated monthly installment) from the loan amount, interest rate, and repayment term, using the standard amortizing-loan formula.

How to use it
  1. Enter the Loan amount.
  2. Enter the Interest rate (% p.a.).
  3. Enter the Tenure in months.
  4. Read your monthly EMI, total interest, and total payment in the result panel.
Formula
EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1] P = principal, r = monthly interest rate, n = number of monthly payments The standard fixed-rate amortizing-loan formula, derived from the present-value-of-an-annuity equation used across fixed-income lending — the same math the CFPB describes for how a mortgage or installment loan pays down.
Worked example

A $20,000 loan at 9% annual interest over 36 months comes to roughly $636/month, with about $2,900 in total interest over the life of the loan.

Recommendations
  • • A slightly higher down payment or shorter term can meaningfully cut total interest — try a few scenarios.
  • • Check whether your lender allows extra principal payments without a penalty; even small extra payments reduce total interest substantially.
  • • Compare EMI across a couple of lenders' rates before committing — small rate differences add up over a multi-year term.
Frequently asked questions
Interest compounds on the outstanding balance each month, and early payments are weighted more toward interest than principal — that's normal for amortizing loans, not a calculation error.
Related tools
Mortgage Calculator
Amortization Schedule
Compound Interest
Sources
Disclaimer

Illustrative estimate only, not financial or tax advice. Verify figures with a licensed adviser or your local tax authority.