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EMI and loan calculator

Work out the monthly payment, total interest and total cost of a loan.

Monthly payment (EMI)10,500.93
Number of payments
60
Total interest
130,055.84
Total paid
630,055.84
Interest as share of total
20.6%

Formula EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), r = yearly rate / 12 / 100, n = months

Assumes a fixed rate with equal monthly payments on a reducing balance. Fees, insurance and flat-rate loans will differ. Ask your lender for the exact figures.

How it works

  1. 1Enter the loan amount and the yearly interest rate.
  2. 2Enter the term and choose years or months.
  3. 3Read the monthly payment, total interest and total paid.
  4. 4Change the term or rate to compare offers.

What the options do

Interest rate per year
The annual rate on a reducing balance. It is divided by 12 for each month.
Term
How long you will repay, in years or months.

Privacy

The numbers you enter are used in your browser only and are never sent to a server. Loan details are private and stay on your device.

Questions people ask

How is EMI calculated?

EMI = P x r x (1 + r)^n divided by ((1 + r)^n - 1), where P is the amount, r is the monthly rate and n is the number of months. The formula appears under your result.

Is this the same as a flat-rate quote?

No. Some lenders quote a flat rate, where interest is charged on the full amount for the whole term. A flat rate looks lower but costs more than the same number on a reducing balance. Compare offers using the effective rate.

Why does a longer term lower the payment but cost more?

Each payment is smaller, but you owe interest for longer, so total interest rises.

Does it include fees and insurance?

No. Processing fees, insurance and taxes change the real cost. Ask the lender for the total cost of credit.

Is the currency important?

No. The calculation works with any currency, so enter amounts in your own.

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