Free EMI Calculator Online
See your monthly payment and total interest.
Understand a monthly loan payment estimate
A reducing-balance loan charges interest on the amount still owed. With a fixed rate and regular monthly payments, more of the early payment goes toward interest and more of the later payment repays principal. This calculator shows the scheduled monthly payment and total interest for that model. It excludes fees and assumes the rate stays constant for the whole term.
How to use
- Enter the amount you plan to borrow.
- Enter the annual interest rate and the term in months.
- Calculate to see monthly payment, interest and total repayment.
A few useful answers
What is EMI?
An equated monthly instalment is a regular payment that covers both interest and principal over the loan term.
What formula is used?
For a positive monthly rate r and n payments, EMI = P × r ÷ (1 − (1 + r)⁻ⁿ). At zero interest, the payment is simply P ÷ n.
Will this match my lender’s quote?
It is an estimate. Fees, taxes, payment dates, floating rates and lender rounding can change your actual payment.