Loan / EMI Calculator

The tool uses the standard EMI formula: EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (the annual rate ÷ 100 ÷ 12), and n is the number of monthly payments. If the interest rate is 0, the loan is simply divided into equal parts: P ÷ n.

The number of payments is the term in years × 12, rounded to a whole number of months (so 2.5 years is 30 payments). Total repayment is EMI × n, and Total interest is the total repayment minus the amount borrowed.

Amounts are labelled with the site-wide currency chosen in Settings; the numbers themselves are never converted.

1. Enter the Loan amount.
2. Enter the Annual interest rate as a percentage. Use 0 for an interest-free loan.
3. Enter the Term in years (half-years such as 1.5 are fine).
4. Read the monthly payment, total interest and total repayment on the right (or below, on a phone), and click Copy to copy them.

• Compare loan offers by their total interest, not only by the monthly payment. A longer term lowers the monthly payment but usually raises the total interest a lot.
• Try a few terms: change Term from 5 to 4 and see how much interest you save for a somewhat higher payment.
• The rate you enter should be the yearly nominal rate quoted by the lender. If you have only a monthly rate, multiply it by 12.
• For a home loan with taxes, insurance and a repayment schedule, use the Mortgage Calculator instead.

• Assumes a fixed rate, equal monthly payments made at the end of each month, and nothing else. It does not include processing fees, insurance, late charges, or a balloon payment.
• Lenders may compute interest daily or round instalments differently, so the actual figures can differ slightly.
• There is no repayment schedule, no part-payments or prepayments, and no floating-rate option.
• Leaving the interest rate box empty may show an unusable result; enter 0 if there is no interest.

Nothing. Values return to the defaults when you refresh.