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Loan / EMI calculator

Work out monthly loan payments and total interest.

%

Monthly payment

Enter the loan amount, rate and time.

Monthly instalment (EMI)
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Total interest
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Total you pay
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Number of payments
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Uses the standard reducing-balance formula. Banks may add processing fees, insurance or taxes on top.

Worked out in your browser. Nothing you type is sent anywhere.

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How to work out a loan instalment

  1. Type the loan amount.
  2. Type the yearly interest rate, or the profit rate for Islamic financing.
  3. Type how long the loan runs, in years or months.

You get the monthly instalment, the total interest and a year-by-year schedule.

The formula

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r is the monthly rate (yearly rate ÷ 12 ÷ 100) and n is the number of months.

Example

Rs 1,000,000 for 5 years at 15% is about Rs 23,790 a month. Over the loan you pay about Rs 427,000 in interest.

Are car and home financing worked out the same way?

Most banks use this reducing-balance method for car, home and personal financing. Check for insurance, processing fees and whether the rate is fixed or linked to KIBOR.

Is anything I type saved?

No. The numbers are worked out in your browser and are not sent anywhere.