Finance & money · Loans
Loan / EMI Calculator
Calculate your monthly loan payment (EMI), total interest, and total amount paid. Fast, shareable, and fully explained with the amortization formula.
How it works
Calculates the fixed monthly payment (EMI) for a loan given the principal, annual rate, and term in years, using the standard amortization formula.
Formula
EMI = P · r / (1 − (1 + r)^(−n))
- P
- Principal (loan amount)
- r
- Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n
- Number of monthly payments (years × 12)
Step by step
- 1Convert the annual rate to a monthly rate by dividing by 12 and by 100.
- 2Compute the number of monthly payments as years × 12.
- 3Apply the EMI formula to get the fixed monthly payment.
- 4Multiply by n to get the total amount paid over the life of the loan.
- 5Subtract the principal from the total to get total interest paid.
Examples
$20,000 at 7% for 5 years
A $20,000 loan at 7% annual interest over 5 years costs about $396 per month, and you pay roughly $3,761 in total interest.
Inputs
- principal:
- 20000
- rate:
- 7
- years:
- 5
Result
- monthly:
- 396.02
- total:
- 23761.44
- interest:
- 3761.44
$10,000 at 0% for 2 years
At 0% interest, you simply repay the principal evenly over 24 months.
Inputs
- principal:
- 10000
- rate:
- 0
- years:
- 2
Result
- monthly:
- 416.67
- total:
- 10000
- interest:
- 0
Frequently asked questions
What is EMI?▾
EMI stands for Equated Monthly Installment — the fixed amount you pay each month until a loan is fully repaid, covering both principal and interest.
Does this include taxes or fees?▾
No. This calculator reflects only principal and interest. Actual payments may include property taxes, insurance, or origination fees.
What happens if the interest rate is 0%?▾
At 0% interest, the monthly payment is simply the loan amount divided by the number of months. No interest is charged.