Loan EMI Calculator — Monthly Payment, Total Interest & Amortization
A loan EMI (Equated Monthly Installment) calculator tells you exactly how much you will pay every month on any loan - home loan, car loan, personal loan, or student loan. Enter three numbers: the amount you are borrowing (principal), the annual interest rate your lender is charging, and the loan tenure in months. The calculator instantly shows your fixed monthly payment, the total amount you will repay over the full loan period, and how much of that total is interest.
Use this before signing any loan agreement to compare offers from different lenders - even a 0.5% difference in interest rate can mean thousands of dollars saved over a multi-year loan.
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Run the same principal with different rates and tenures before signing.
Amortization Aware
See monthly burden vs lifetime interest before you choose longer tenure.
Any Loan Type
Use for mortgage, car, student, personal, or business loan planning.
Loan EMI Calculator
Monthly installment, total repayment, and total interest in one clear view.
Monthly EMI
$10,138.20
Total Repayment
$608,291.83
Total Interest
$108,291.83
The EMI Formula
EMI = [P × R × (1+R)^N] ÷ [(1+R)^N - 1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- N = Loan tenure in months
Example: $10,000 loan at 8% annual interest for 24 months
- R = 8 ÷ 12 ÷ 100 = 0.00667
- EMI = [10,000 × 0.00667 × (1.00667)^24] ÷ [(1.00667)^24 - 1]
- EMI = $452.27 per month
- Total repayment = $10,854.48
- Total interest = $854.48
Typical Loan Rates by Type
| Loan Type | Typical Rate Range | Common Tenure |
|---|---|---|
| Home / Mortgage Loan | 5% - 9% p.a. | 15-30 years |
| Car / Auto Loan | 5% - 12% p.a. | 3-7 years |
| Personal Loan | 8% - 24% p.a. | 1-5 years |
| Student Loan | 4% - 10% p.a. | 5-20 years |
| Business Loan | 7% - 20% p.a. | 1-10 years |
| Credit Card (revolving) | 18% - 36% p.a. | Revolving |
Rates vary by country, lender, and borrower credit profile. Use your actual loan offer rate for accurate results.
How to use this calculator
- Step 1 - Enter Loan Principal: Type the total amount you want to borrow. For a home loan this might be $250,000. For a car loan, $20,000. For a personal loan, $5,000. Use the actual loan amount, not the purchase price of the asset.
- Step 2 - Enter Annual Interest Rate: Enter your lender's annual interest rate as a percentage. For example, if your bank quotes 7.5% per annum, enter 7.5. Do not enter the monthly rate - the calculator converts it automatically. If you have received multiple loan offers, run this calculator for each rate to compare.
- Step 3 - Enter Loan Tenure in Months: Enter the repayment period in months. A 5-year loan = 60 months. A 20-year home loan = 240 months. A 3-year car loan = 36 months. Longer tenure means lower EMI but significantly more total interest paid.
- Step 4 - Read Your Results: The calculator shows your fixed monthly EMI, total amount repayable, and total interest payable over the loan life. Try adjusting tenure up or down to find the EMI that fits your budget while minimizing total interest cost.
What the result means
The EMI output is your fixed monthly commitment under the reducing-balance method. Lower EMI through longer tenure can improve short-term affordability, but the total interest cost rises materially over time.
Loan EMI FAQs
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