Loan / EMI Calculator
Enter your loan details to see your monthly payment, total payment, and total interest.
How loan payments are calculated
This calculator uses the standard amortizing-loan formula, the same one banks use for mortgages, auto loans, and personal loans with a fixed interest rate. Each monthly payment is the same amount for the life of the loan, but the mix shifts over time — early payments are mostly interest, later payments are mostly principal. For a deeper look at how that split works, see our full guide to loan amortization.
The formula
M = P × r × (1 + r)n ÷ ((1 + r)n − 1)
Where M is the monthly payment, P is the loan amount (principal), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. If the interest rate is 0%, the payment is simply the loan amount divided by the number of payments.
Frequently asked questions
What's the difference between EMI and total interest?
EMI (equated monthly installment) is the fixed amount you pay each month. Total interest is the sum of all the interest portions across every payment — total payment minus the original loan amount.
Does this include fees, taxes, or insurance?
No. This calculates the pure loan payment based on principal, rate, and term only. Real-world loans often add origination fees, property taxes, or insurance on top, so your actual payment may be higher.
Why does a longer term lower my monthly payment but raise total interest?
Spreading the same loan amount over more payments reduces each individual payment, but interest accrues for longer, so the total interest paid over the life of the loan increases.