Use this loan EMI calculator to find out how much a loan will cost each month before you borrow. It works for home loans, car loans and personal loans with a fixed interest rate.
How the loan emi calculator works
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments. Total interest is EMI × n minus P.
Example
A $250,000 loan at 6.5% for 30 years has an EMI of $1,580.17. Over 360 payments you pay about $568,861 in total, of which about $318,861 is interest.
Frequently asked questions
What does EMI mean?
EMI stands for equated monthly instalment: the fixed amount you pay every month, made up of interest and principal.
Does a shorter loan term save money?
Yes. Monthly payments are higher, but total interest is much lower because the balance falls faster.
Does this include fees or insurance?
No. It covers principal and interest only. Add taxes, insurance and lender fees separately.