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Loan EMI Calculator – Free Online Tool
Quick answer: Calculate monthly loan EMI, total interest and total payment.
About this tool
Enter loan amount, yearly interest rate and tenure to see your monthly instalment and the total interest paid.
How to use the Loan EMI Calculator
- Enter your text, choose your file or set the options in the tool above.
- Click the action button for the result you want.
- Copy or download the output. Nothing leaves your device.
What is an EMI?
EMI means equated monthly instalment: the fixed amount you pay every month until a loan is repaid. Each payment covers part of the interest and part of the principal. At the start most of it is interest, and over time more of it goes to the principal.
The formula
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (yearly rate divided by 12 and by 100) and n is the number of months.
Worked example
For a loan of 1,000,000 at 10% a year over 5 years, r is 0.00833 and n is 60. The EMI comes to about 21,247. Over 60 months you pay roughly 1,274,800 in total, so the interest is about 274,800.
How to lower your total cost
- Choose a shorter tenure. The EMI rises, but total interest falls a lot.
- Make a larger down payment to borrow less.
- Compare rates from several banks before signing.
- Check whether early repayment is allowed and what it costs.
What this calculator does not include
It assumes a reducing-balance loan with a fixed rate. Processing fees, insurance and taxes are not included. Flat-rate loans charge interest on the full amount for the whole period, so they cost more than they look. Islamic financing products can use different pricing, so use this as an estimate and confirm the final schedule with your bank.
Why use ToolWorlds?
- Free, with no registration
- Private: runs in your browser
- Works on phones, tablets and desktops
Frequently asked questions
- How is EMI calculated?
- EMI = P x r x (1+r)^n / ((1+r)^n - 1), where r is the monthly rate and n is months.
- Is my data safe?
- Yes. Processing happens in your browser. Nothing you enter is sent to our servers.
- Is it free?
- Yes. It is free, with no sign-up or usage limit.
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