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Loan EMI Calculator — Monthly Payment
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Version 1.0.0 · Last reviewed
How it worksShow guide
Introduction
The loan EMI calculator estimates your fixed monthly payment for a reducing-balance loan, along with total interest and total amount payable over the tenure.
Disclaimer: This tool is for informational purposes only and is not professional medical, pharmaceutical, financial, or tax advice. Always verify doses with a licensed clinician or pharmacist.
Formula
Equated Monthly Installment (EMI) for a reducing-balance loan with a fixed monthly interest rate.
- EMI — Fixed monthly payment
- P — Loan principal
- r — Monthly interest rate (annual rate ÷ 12)
- n — Number of monthly installments
Step-by-step
- Enter the loan principal.
- Enter the annual interest rate as a percent.
- Enter the tenure in months.
- Convert the annual rate to a monthly rate.
- Apply the EMI formula to get the monthly payment.
Worked example
For a $500,000 loan at 8.5% for 240 months (20 years), the monthly EMI is $4,339.12. Total payment is about $1,041,387.88, of which $541,387.88 is interest.
Use cases
- Plan home, auto, or personal loan payments
- Compare EMI across tenures or interest rates
- Estimate total interest cost before borrowing
Frequently asked questions
Is this a reducing-balance EMI?
Yes. Interest is calculated on the outstanding principal each month, which is the standard EMI model for most bank loans.
Can I enter tenure in years?
Enter months (for example, 5 years = 60 months). Multiply years by 12 before calculating.
Does EMI include insurance or fees?
No. This tool estimates principal and interest only. Lender fees, insurance, and taxes are separate.
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