Loan EMI Calculator
Work out your monthly instalment, total interest and total payable. 100% free, no signup. Everything runs in your browser.
This free EMI calculator shows what a loan will actually cost you every month, and what it will cost in total by the time it is paid off. Enter the amount you want to borrow, the annual interest rate and how long you need, and you get three numbers straight away: the monthly instalment, the total interest, and the total you will hand over. The bar underneath splits that total into how much is the money you borrowed and how much is pure interest, which is usually the figure that changes people's minds. It works for home loans, car loans, personal loans and business finance, and nothing you type is stored or sent anywhere.
How to use
- Enter the loan amount, meaning the money you would actually receive.
- Enter the annual interest rate exactly as the lender quotes it. Do not divide it by twelve, the calculator does that.
- Enter the term and choose whether that number is years or months.
- Read the monthly instalment. That is the amount leaving your account every month.
- Look at the total interest figure and the colored bar. That bar is the honest picture of what the loan costs.
- Change the term and watch what happens. A longer term lowers the monthly payment and raises the total interest, and seeing both at once is the point of this tool.
Why use our loan emi calculator?
Most calculators give you the monthly figure and stop, which is exactly the number a salesperson wants you focused on. A longer term always makes that number look better while quietly costing you far more. Showing total interest with the same weight, and drawing it as a proportion of everything you will pay, makes that trade visible instead of hidden.
The maths is the standard amortisation formula that banks use, so the instalment matches what a lender will quote for the same inputs. A zero percent rate is handled properly rather than dividing by zero, which catches out simpler calculators. Everything runs in your browser, so your income and borrowing plans are never transmitted. When you are comparing offers, the percentage calculator helps with rate differences and fees, and the date difference calculator works out exactly when the final payment lands.
The instalment maths is the same everywhere, but the product around it is not. The CFPB's guide to the different kinds of loans available is a useful reference before you commit to one.
Who is this tool for?
Anyone about to take a loan should run the numbers before walking into a bank, not after. Home buyers compare a twenty year term against a fifteen year one and often discover the shorter term costs a little more each month and vastly less overall. Car buyers do the same with dealer finance, where the monthly figure is advertised loudly and the total almost never is.
People with an existing loan use it to test whether refinancing at a lower rate is worth the switching cost. Small business owners work out whether the monthly repayment on equipment finance fits their cash flow before committing. Anyone comparing two offers with different rates and terms needs a single consistent way to compare them, because a lower rate over a longer term can easily be the more expensive option. And plenty of people simply want to know, honestly, how much a loan will really cost before they sign anything.
Frequently asked questions
Equated Monthly Instalment. It is a fixed amount paid every month that covers both interest and part of the loan itself, sized so the loan finishes exactly at the end of the term.
Using the standard amortisation formula: the principal times the monthly rate times (1 plus the monthly rate) to the power of the number of months, divided by that same power minus one. The monthly rate is the annual rate divided by twelve.
Because interest is charged on the outstanding balance every single month. Stretching the loan means more months of interest on a balance that is shrinking more slowly. The monthly payment falls, the total climbs, sometimes dramatically.
No. It calculates the loan itself. Lenders often add processing fees, documentation charges and insurance, so the amount you actually pay can be higher. Always ask for the total cost in writing.
It assumes the rate stays the same for the whole term, which is how fixed rate loans work. For a floating rate, run it at today's rate and again at a rate two or three percent higher to see what happens if rates rise.
No. Everything is calculated in your browser and nothing is uploaded, logged or stored. Refresh the page and it is gone.