Loan / EMI Calculator
Estimate your monthly loan payment (EMI), total interest, and total repayment from the amount, rate, and term. Free online EMI calculator.
Estimate the monthly payment on a loan and see how much of it is interest. Enter the amount, the annual interest rate and the term in years, and it returns the equated monthly instalment, the total interest paid and the total repaid. It is built for comparing offers that quote different rates and terms, and for seeing how much of what you will pay is interest rather than principal. The maths runs in your browser and no figures are transmitted.
How to use Loan / EMI Calculator
- Enter the loan amount you want to borrow.
- Enter the annual interest rate and the term in years.
- Read the monthly payment, total interest and total repaid, which update as you type.
- Change one figure and compare — repeating the calculation across two offers is how the tool is most useful.
Who it is for
Loan Calculator is for understanding what a loan actually costs before signing: a mortgage, a car loan, a personal loan, or a business facility. It is used to compare offers with different rates and terms, and to see how much of the total is interest rather than principal.
How it works
- The standard amortising formula is applied to the amount, annual rate and term to produce a fixed monthly instalment.
- Total interest and total repayment are derived from that instalment, which is what makes two offers comparable.
- The maths runs in the browser — no figures are transmitted.
What it cannot do
- It assumes a fixed rate for the whole term. A variable or tracker rate will not match after the first reset period.
- Fees, insurance, arrangement charges and early-repayment penalties are not included, and they can change the real cost materially.
- It does not model overpayments, offset accounts or interest-only periods.
- The result is an estimate for comparison, not a quotation — a lender's own illustration is the figure that binds.
Frequently asked questions
How is the EMI calculated?
It uses the standard amortisation formula EMI = P·r·(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly payments. That is the same formula a lender uses for a fixed-rate loan, which is why the comparison is meaningful.
Which currency does it use?
None in particular — it is currency-agnostic. The figures simply reflect whatever unit you enter, so it works for any currency.
Does it handle a 0% interest loan?
Yes. With a zero rate the formula would divide by zero, so the tool takes the separate case: the payment is the principal divided evenly across the term, and total interest shows as zero.
Why will my lender's number be higher?
Because this calculation includes only principal and interest. Arrangement fees, insurance, valuation costs and any monthly service charge are outside it, and on a mortgage they can add a meaningful amount. The result is the loan itself, not the total cost of borrowing.
What about a variable rate?
It assumes the rate you enter stays fixed for the whole term. A variable or tracker loan will diverge after the first reset, so treat the figure as accurate only for the introductory period.
Is this a binding quote?
No. It is an estimate for planning. Actual lender terms may include fees, insurance, or different compounding, so treat the result as a guide — the lender's own illustration is the figure that binds.