Free loan EMI calculator for home, car and personal loans from any bank — EMI Calculator
Work out your monthly loan payment, the total interest and the full cost of the loan — instantly, for any amount, rate and tenure.
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How EMI is calculated
An EMI (equated monthly installment) is the same payment every month, split between interest and principal. This calculator uses the standard reducing-balance formula: EMI = P × i × (1 + i)^n / ((1 + i)^n − 1), where P is the loan amount, i is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments.
Total payment is the EMI × the number of months. Take away the loan amount and what is left is the interest the loan costs you. Early installments are mostly interest; later ones are mostly principal.
A worked example
Borrow 500,000 for 36 months at 12% a year. The monthly rate is 12 ÷ 12 ÷ 100 = 0.01, so EMI = 500,000 × 0.01 × (1.01)^36 / ((1.01)^36 − 1) ≈ 16,607 a month. Over 36 months you pay 597,858 in total, so the loan costs about 97,858 in interest. Figures exclude any processing fee or insurance your lender adds.
Know what you still owe, every month.
Add your loan to Finox once — amount, rate and tenure. It keeps the EMI schedule, reminds you before each due date, shows your payoff progress, and counts what you owe in your net worth.
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Frequently asked questions
EMI stands for equated monthly installment: a fixed amount you pay your lender every month until the loan is cleared. Each payment covers that month's interest first, and the rest reduces the principal.
Banks use the reducing-balance method: interest is charged each month only on the principal still outstanding. The formula on this page turns the loan amount, the monthly rate and the number of installments into one equal payment.
It makes each payment smaller but the loan more expensive. The 500,000 loan above costs 16,607 a month over 36 months and 97,858 in interest. Stretched to 60 months, the EMI falls to 11,122 but the interest rises to 167,333.
It gives a close estimate for reducing-balance loans, which is how most bank loans work. Flat-rate loans charge interest on the full amount for the whole tenure and cost more than this shows. Lenders may also add processing fees or insurance, or round differently, so confirm the exact figure with your lender.
Yes — add the loan once and Finox keeps the EMI schedule, reminds you before each due date, and shows how much is paid off and how much is left.
Want the whole picture? Try the net worth calculator →