EMI Calculator
Work out your exact monthly loan instalment before you sign anything. Enter the loan amount, interest rate and tenure to see the EMI, total payable and total interest.
How it works
Type the principal, the annual reducing-balance rate and the loan tenure in years. The tool converts the rate to monthly, computes the equated instalment and breaks down principal versus interest over the whole loan.
Formula and source
EMI = P × r × (1+r)^n ÷ ((1+r)^n ? 1), with r the monthly reducing-balance rate and n the month count — the standard amortisation formula lenders use. Last verified 2026-10-09.
Worked examples
- $500,000 loan at 9{59add7fb9b5d0f955f9dd8a5cff6b03cde82e94736be1fc54182c61af6d738ce} for 20 years ? EMI $4,498.63 — total $1,079,671, interest $579,671
- $25,000 loan at 12{59add7fb9b5d0f955f9dd8a5cff6b03cde82e94736be1fc54182c61af6d738ce} for 3 years ? EMI $830.36 — total $29,892.88, interest $4,892.88
Common mistakes
- Using a flat rate where the lender charges reducing-balance (or vice versa) — the totals differ hugely.
- Ignoring processing fees and insurance, which raise the true cost above the EMI math.
- Choosing tenure by EMI alone: longer loans cost far more interest overall.
Tips
- Even small prepayments early in the loan cut total interest sharply.
- Compare lenders on total payable, not just the EMI figure.
FAQ
What is EMI?
An equated monthly instalment u2014 a fixed payment covering both principal and interest each month.
How is EMI calculated?
From the reducing-balance formula using the monthly rate and total months; try the numbers above.
Does a longer tenure lower my EMI?
Yes, but you pay much more interest overall u2014 compare the totals.
Reducing balance vs flat rate?
Reducing balance charges interest on the outstanding amount and is the common standard; flat-rate quotes look cheaper than they are.
Is the EMI calculator free?
Yes, completely free with no signup.
Is my loan data stored?
No. Everything is calculated locally in your browser.