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Loan EMI Calculator
Monthly EMI, total interest, and total payment for a fixed-rate loan.
Inputs
Enter your values below.
Result
Your answer appears here.
Enter values and press Calculate — the result appears here.
How it works
The formula behind this calculator.
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
- P
- Principal loan amount
- r
- Monthly interest rate (annual rate / 12 / 100)
- n
- Number of monthly payments (years × 12)
Equated Monthly Installment (EMI) keeps the payment constant for the whole loan. Early payments are mostly interest; late payments are mostly principal.
Example: $100,000 loan at 6% annual over 30 years: EMI = $599.55
Ref: Standard amortization formula
Tips
- 💡 Lower the rate by even 0.5% — over a 30-year term, that can save thousands.
- 💡 Shorter terms = higher monthly payment but much less interest paid overall.
- 💡 Extra principal payments early in the loan save the most interest.
FAQ
What is EMI?
EMI stands for Equated Monthly Installment — the fixed amount you pay each month that covers both principal and interest.