Loan EMI Calculator — Free Online Tool
Estimate your monthly EMI, total interest and total payment for any loan.
About Loan EMI Calculator
The Loan EMI Calculator estimates your fixed monthly instalment (EMI) for a loan based on the amount borrowed, the annual interest rate and the tenure in months. Alongside the EMI, it shows the total interest you will pay and the total amount repaid over the life of the loan.
Use it to plan a home, car or personal loan, to compare offers from different lenders, or to see how a shorter tenure changes your monthly outgoings. The figures are calculated instantly in your browser and never leave your device.
How to Use Loan EMI Calculator
- Enter the loan amount you want to borrow.
- Type in the annual interest rate as a percentage.
- Enter the loan tenure in months.
- Click "Calculate EMI" to see your monthly payment, total interest and total payment.
Key Features
Accurate EMI using the standard reducing-balance formula
Shows total interest and total repayment
Handles zero-interest loans gracefully
Works for home, car, personal and other loans
Private, instant calculation in your browser
Frequently Asked Questions
What is an EMI?
EMI stands for Equated Monthly Instalment, the fixed amount you pay each month that covers both interest and principal until the loan is fully repaid.
What formula is used to calculate EMI?
The tool uses EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate and n is the number of months.
Why does so much of my early EMI go to interest?
In a reducing-balance loan, interest is charged on the outstanding balance, which is highest at the start, so early instalments are interest-heavy and later ones repay more principal.
Does a longer tenure reduce my EMI?
Yes, a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.