Before taking a car loan, personal loan or mortgage, it pays to know your monthly payment and the true cost of borrowing.
What is EMI?
EMI stands for Equated Monthly Installment, the fixed amount you pay each month until the loan is repaid. Each payment covers part interest and part principal, in a ratio that shifts toward principal over time.
The formula
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of months.
How to calculate your loan (step by step)
- Open the Loan Calculator.
- Enter the amount, interest rate and term.
- Read your monthly payment, total interest and total repaid.
Tips for borrowers
- Shorter terms mean higher monthly payments but far less total interest.
- Even a small rate difference adds up over years, compare offers.
- Check total interest, not just the monthly payment, to see the real cost.
💰 Try the Loan / EMI Calculator
Free, instant and private, right in your browser.
Open the Loan / EMI Calculator →Frequently asked questions
How is my monthly loan payment calculated?
It uses the standard EMI formula based on your loan amount, monthly interest rate and number of months, so you see a realistic payment.
What loans can I use this for?
Any fixed-rate loan, car loans, personal loans, student loans or mortgages.
Does it show total interest paid?
Yes. Along with the monthly payment, it shows the total interest and the total amount you will repay.
Is my financial data private?
Completely. Nothing is uploaded, the calculation runs in your browser.