Loan / EMI Calculator
Monthly payment & total interest.
Loan / EMI Calculator at a glance
Loan / EMI Calculator is a free online calculator you can use right now to monthly payment & total interest โ no account, no install and no usage limit. It runs entirely inside your browser, so whatever you enter stays on your own device.
- Price
- Free โ no trial, no paid tier, no watermark
- Sign-up
- Not required
- Where it runs
- In your browser โ nothing is uploaded to a server
- Works on
- Chrome, Safari, Firefox and Edge โ desktop, tablet and phone
- Category
- Calculators
About Loan / EMI Calculator
The Loan / EMI Calculator shows your monthly repayment on any loan, plus the total interest you'll pay across its full term. Enter the amount, the annual interest rate and the number of years, and the figures update as you type.
It uses the standard amortisation formula: 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 monthly payments. That's the same calculation banks use, so the monthly figure should match a lender's quote closely.
The number most people find revealing isn't the monthly payment but the total interest. Stretching a loan over a longer term lowers the monthly figure while quietly increasing what you pay overall โ sometimes substantially. Comparing a 5-year and a 7-year term on the same amount makes that trade-off concrete.
How to use Loan / EMI Calculator
- Type your numbers into the fields.
- The result updates the moment you change a value.
- Adjust any input to compare different scenarios.
Frequently asked questions
What is EMI?
Equated Monthly Instalment โ the fixed amount you pay each month, covering both interest and principal. Early payments are mostly interest; later ones are mostly principal, though the total stays the same each month.
Why does a longer loan term cost more overall?
Interest accrues on the outstanding balance for longer. A lower monthly payment feels easier, but you're borrowing the money for more months and paying interest on each of them.
Does this include fees and insurance?
No โ it calculates principal and interest only. Lenders often add processing fees, insurance or administration charges, so ask for the APR, which includes them.
Will my bank's figure match exactly?
It should be very close. Small differences come from rounding, day-count conventions, and whether the first payment is due immediately or after a month.