Loan EMI Calculator
Calculate EMI, total payment, and interest for any loan.
About This Tool
The Loan Calculator computes your monthly EMI (Equated Monthly Installment), total repayment, and total interest for any fixed-rate installment loan — personal, car, student, or business loans.
EMI Formula: EMI = P × [r(1+r)ⁿ] / [(1+r)ⁿ – 1], where P is principal, r is the monthly rate (annual ÷ 12), and n is the number of months. The payment stays constant, but the interest/principal split shifts each month.
How to Use
- Enter the loan amount (principal).
- Enter the annual interest rate as a percentage.
- Select a preset duration or type a custom number of months.
- Click Calculate to see your monthly EMI, total payment, total interest, and interest percentage.
Use Cases
Compare loan offers before signing — shorter terms mean higher payments but less total interest. Useful for car financing, personal loans, student loans, and business credit.
FAQ
- What is EMI? — Equated Monthly Installment — the fixed payment made each month covering both principal and interest.
- Does a longer term reduce total cost? — No. A longer term lowers monthly payments but increases total interest paid over the loan's life.
- What rate should I enter? — Enter the annual interest rate (APR) from your loan offer. The calculator converts it to a monthly rate automatically.