EMI Loan Calculator
An EMI, or equated monthly installment, is the fixed amount paid each month to repay a loan with interest. Enter the loan, the rate and the length to see the installment and the total interest.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
The monthly rate is the yearly rate divided by twelve. The installment uses the standard loan formula: the loan times the monthly rate, divided by one minus one plus the monthly rate raised to the negative number of months. The total paid is the installment times the months, and the interest is that total less the loan.
Early installments hold more interest and less principal. Lenders may add fees, so the final figure can differ.
Worked example
A loan of $500,000.00 at 10.5% over 60 months has an EMI of $10,746.95. The total paid is $644,817.01, and $144,817.01 of that is interest.
Questions
Why is the total so much more than the loan?
The difference is interest, charged on what is still owed each month. Longer loans and higher rates make it grow.
Can I pay the loan off early?
Often yes, but some lenders charge a fee. Check the loan terms before you pay extra.
Does this include processing fees?
No. Fees and insurance added by a lender are not in the figure.
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