EMI Calculator
Work out the monthly payment on a loan, plus the total interest you'll pay.
An EMI — Equated Monthly Instalment — is the fixed amount you pay a lender each month until a loan is cleared. Enter the amount you're borrowing, the annual interest rate, and the term in years, and this calculator shows the monthly payment along with the total interest and the total you'll repay over the life of the loan. The numbers update as you type, and everything is worked out in your browser, so nothing you enter is sent anywhere.
How the EMI is calculated
The calculator uses the standard reducing-balance EMI formula, where the annual rate is divided by twelve to get a monthly rate r, and the term is converted to a number of months n:
EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]
For a $20,000 loan at 8% annual interest over 5 years, the monthly rate is 0.08 ÷ 12 and the term is 60 months, which works out to a payment of about $405.52 a month. Over the full term that's roughly $24,331 repaid, of which about $4,331 is interest. Multiplying the EMI by the number of months gives the total repayment, and subtracting the amount borrowed leaves the total interest.
Using the result well
Because interest is charged on the reducing balance, a longer term lowers the monthly payment but increases the total interest, while a shorter term does the opposite. Nudging the rate or term in the calculator is a quick way to see that trade-off before you commit. Keep in mind that a real loan quote can differ: lenders may add processing fees, insurance, or a slightly different compounding or rounding method, and a variable rate will change your payment over time.
Frequently Asked Questions
Does a longer loan term reduce what I pay overall?
No. A longer term lowers each monthly payment but almost always raises the total interest, because you owe the balance for longer. A shorter term costs more each month but less in total.
Will my lender's EMI exactly match this figure?
It will usually be close, but not always identical. Lenders may include fees or insurance, apply a different rounding rule, or use a variable rate. Treat this as a planning estimate and rely on the lender's official schedule for exact figures.
Is this financial advice?
No. This tool is for information and planning only and is not financial advice. Whether a particular loan suits you depends on your full circumstances; consider speaking to a qualified adviser before borrowing.
Do you store the numbers I enter?
No. The calculation runs entirely in your browser, and nothing you type is uploaded or saved. Reloading the page clears the values.