EMI Calculator
Calculate the equated monthly instalment for any loan.
Your figures
Result
How to use this tool
- Enter your own figures over the defaults — Loan amount, Annual interest rate, Term.
- The answer updates as you type. There is no button, and nothing is sent anywhere.
- Change Annual interest rate on its own to see how much it moves the result — the worked example below shows exactly that.
Works for any amortising loan — home, car, personal or business. The maths is identical; only the typical rates and terms differ.
How it works
This takes 3 inputs — loan amount, annual interest rate, term — and returns monthly payment, total repaid, total interest, interest as share of loan and number of payments. The whole calculation happens in this page as you type: there is no submit button, no request, and nothing stored.
Because it recalculates on every keystroke you can use it as a sensitivity test rather than a one-shot answer. Moving annual interest rate alone from 9 to 10 changes monthly payment from 10,379.18 to 10,623.52 — the worked example below sets that out in full.
A worked example
Worked through with the figures the page already has in it: loan amount of 500,000 and annual interest rate of 9 %, and the rest as shown, giving monthly payment of 10,379.18. These numbers come from running the calculator’s own code, not from being typed in here, so they cannot drift away from what you see on screen.
Starting from:
- Loan amount: 500,000
- Annual interest rate: 9 %
- Term: 5 years
| Result | Value |
|---|---|
| Monthly payment | 10,379.18 |
| Total repaid | 622,750.66 |
| Total interest | 122,750.66 |
| Interest as share of loan | 24.6% |
| Number of payments | 60 |
What happens when one input moves
Holding everything else steady and changing Annual interest rate from 9 % to 10 % — one percentage point — moves the answer like this:
| Figure | 9 % | 10 % |
|---|---|---|
| Monthly payment | 10,379.18 | 10,623.52 |
| Total repaid | 622,750.66 | 637,411.34 |
| Total interest | 122,750.66 | 137,411.34 |
| Interest as share of loan | 24.6% | 27.5% |
| Number of payments | 60 | 60 |
That is usually the number worth arguing over: it is easier to move than the headline amount, and the difference compounds across the whole term.
EMI Calculator — frequently asked questions
What is the EMI formula?
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is principal, r is the monthly rate, and n is the number of months.
Does EMI change during the loan?
Not on a fixed-rate loan. On a floating-rate loan the lender usually keeps the EMI constant and adjusts the term instead.
What is the difference between flat and reducing balance interest?
Flat rate charges interest on the original principal throughout, which is far more expensive. Reducing balance — what this calculator uses — charges on the outstanding amount.
Is this calculator free?
Yes, with no account, no limits and no data collection. It runs entirely in your browser.
Should I rely on this for a financial or medical decision?
No. It is a planning estimate built on standard formulas and stated assumptions. For decisions that matter, speak to a qualified professional who can account for your full circumstances.
How accurate is the EMI figure?
The arithmetic is exact. With the defaults on this page — loan amount 500000, annual interest rate 9 %, term 5 years — it returns monthly payment of 10,379.18. What limits accuracy is the assumptions, not the maths: change annual interest rate to 10 % and the same formula gives 10,623.52. Treat it as a well-founded estimate, not a quotation.
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Background reading: Loan, Mortgage and Investment Calculators Explained
Nothing is sent anywhere. The figures you type stay in this page and are never transmitted or stored — how that works.
Disclaimer. The formula is exact; the answer is only as good as the figures and assumptions above. Not financial, tax, medical or legal advice. Full disclaimer.