Loan EMI Calculator: Monthly Payment & Interest Tool

Calculate your Equated Monthly Instalment (EMI) using your loan amount, annual interest rate, and repayment tenure. This Loan EMI Calculator estimates your monthly payment, total repayment, and total interest, helping you compare borrowing options before choosing a loan.

Enter the amount you plan to borrow, the annual interest rate, and the repayment period in years. The calculator uses the standard EMI formula for a fully amortizing loan with a fixed interest rate and equal monthly payments.

Each payment covers interest and repays part of the principal. As the outstanding balance decreases, the interest portion generally becomes smaller and the principal portion increases. Your actual repayment may differ if your lender applies fees, a variable rate, or different payment terms.

The calculator uses this formula:

EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]

Where:

• P is the original loan principal.
• r is the monthly interest rate, calculated by dividing the annual rate by 12.
• n is the total number of monthly payments.

For a zero-interest loan, the monthly payment is simply the principal divided by the number of monthly instalments.

Three main inputs determine your estimated EMI: the amount borrowed, the interest rate, and the loan tenure.

• Loan amount: A larger principal generally results in a higher monthly payment.
• Interest rate: A higher rate increases the cost of borrowing and usually raises your EMI.
• Loan tenure: A longer tenure generally reduces the monthly payment but may increase the total interest paid.

Try adjusting each input to compare repayment scenarios and find a payment that fits your budget.

Your total repayment is the sum of all scheduled monthly instalments over the selected tenure. Total interest is calculated by subtracting the original principal from that amount.

For example, a $200,000 loan at a 9% annual interest rate over 20 years has an estimated monthly EMI of approximately $1,799. Over the full term, the total repayment would be approximately $431,700, including around $231,700 in interest, assuming the rate and payment schedule remain unchanged.

Use this calculator when comparing loan amounts, interest rates, or repayment periods before applying for financing. It can help you understand the monthly commitment and the long-term cost of borrowing.

For more specific estimates, try the Personal Loan Calculator for personal borrowing or the Mortgage Calculator for home loan payments.

Accuracy note: This calculator estimates equal monthly payments for a fixed-rate, fully amortizing loan. It excludes processing fees, insurance, taxes, additional repayments, and other lender charges. The displayed currency is illustrative; use your lender’s actual loan terms and repayment schedule for a final comparison.