Estimate your monthly loan payment (EMI), total interest, and total amount payable. Choose your preferred currency so results match how you think about money. Useful for home loans, auto loans, and personal loans.
Loan EMI Calculator
Results use the currency you select (display only — amounts are not converted).
How to Use
- Select your currency.
- Enter the loan amount (principal).
- Enter the annual interest rate.
- Enter the tenure in years.
- Click Calculate to see monthly payment, total interest, and total payment.
Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P is principal, R is monthly interest rate (annual rate ÷ 12 ÷ 100), and N is number of months.
Worked Example
Example: $250,000 at 6.5% for 15 years → monthly payment is calculated with the standard reducing-balance formula; total interest is (EMI × N) − P.
What the Result Means
Monthly Payment is what you pay each month if rate and term stay fixed. Total Interest is the cost of borrowing. Total Payment is principal plus interest over the full term.
Important Notes & Limitations
- Assumes fixed rate and fixed tenure; real loans may include fees, insurance, or variable rates.
- Not a bank quote—confirm with your lender.
Frequently Asked Questions
What is EMI?
Equated Monthly Installment—the fixed monthly payment on a reducing-balance loan.
Does currency change the math?
No. Currency only changes how amounts are labeled and formatted.
Can I model extra payments?
This version assumes regular EMIs only; extra payments reduce interest in real life.
Is this valid in the US?
Yes. The same formula is used for fixed-rate amortizing loans worldwide, including US mortgages and auto loans (compare with the Mortgage Calculator for home-purchase details).
Related Calculators
See also: Loan EMI, Mortgage, Compound Interest, Percentage.
Disclaimer: Results are approximate and for educational and informational purposes only. They are not financial, tax, medical, or legal advice. Verify important decisions with a qualified professional.