EMI Calculator
Estimate monthly installments and total interest for a fixed-rate, reducing-balance loan.
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How to Use
Enter the principal
Use the amount borrowed, excluding any down payment. Keep every amount in the same currency.
Enter the nominal annual rate
Enter 8 for 8%. A zero-interest loan is supported. Do not substitute APR or a flat rate without checking the lender’s method.
Set the tenure in years
A 10-year tenure means 120 monthly payments. Compare the same loan at another tenure.
Read payment and total cost
Compare the monthly EMI, total interest, and total repayment. Check costs excluded from this estimate separately.
What the result includes
Each monthly installment repays part of the principal and interest on the remaining balance. The calculator estimates equal monthly payments using a fixed nominal annual rate divided by 12. It excludes fees, taxes, insurance, and extra repayments.
A reproducible comparison
For a principal of 100,000 at 8% annually, a 10-year term gives an EMI of 1,213.28, total repayment of 145,593.11, and total interest of 45,593.11. A 20-year term gives an EMI of 836.44, repayment of 200,745.62, and interest of 100,745.62. Amounts are in one consistent currency; these are hypothetical rates, not offers.
A smaller monthly installment can cost more overall. Compare repayment as well as the monthly budget. Interest/principal proportions depend on rate and tenure; there is no universal 80/20 split.
Real-World Examples & Use Cases
Compare two repayment terms
Keep principal and rate fixed, then change the number of years. A longer term usually lowers the monthly payment and increases total interest.
Check a rate scenario
Repeat the calculation with a hypothetical higher rate. This estimates a payment under that scenario; it does not predict a lender’s future schedule.
How It Works
P = principal r = annual percentage rate / 12 / 100 n = years × 12 EMI = P × r / (1 − (1 + r)^−n) At 0% interest: EMI = P / n Total repayment = unrounded EMI × n Total interest = total repayment − P Displayed figures are independently rounded to two decimal places. Multiplying the displayed EMI by n can differ slightly from the displayed total.
Frequently Asked Questions
Does the currency symbol convert my loan amount?▼
Why does my lender quote differ?▼
Can I calculate a zero-interest loan?▼
Does this model prepayments or changing rates?▼
Limits and assumptions
- Uses a fixed nominal annual rate with monthly end-of-period payments.
- Does not include fees, insurance, taxes, APR calculation, daily accrual, or prepayment schedules.
- Lender-specific payment dates and rounding can change quoted figures.
Worked guides
References
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