Loan / EMI Calculator
Enter a loan amount, interest rate and term to see your monthly payment (EMI), total interest paid and total cost — with the amortisation formula shown.
Examples
$10,000 · 8% · 3 yrs
≈ $313/mo · $1,281 interest
How it works
The monthly payment is worked out with the standard amortisation formula, where P is the amount borrowed, r is the monthly rate (the annual rate ÷ 12) and n is the number of monthly payments.
Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
| Term | Monthly payment | Total interest |
|---|---|---|
| 1 year | 870 | 439 |
| 3 years | 313 | 1,281 |
| 5 years | 203 | 2,166 |
A longer term lowers the payment but raises the total interest. Figures are rounded to whole units. The calculation assumes a fixed rate and equal monthly payments, and leaves out fees, insurance and early repayments, so a lender’s quote can differ.
How to use Loan / EMI Calculator
Why use this tool
Frequently asked questions
Equated Monthly Instalment — a fixed payment combining principal and interest so the loan is fully repaid by the end of the term.
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