EMI stands for Equated Monthly Instalment: a fixed amount paid every month that covers both interest on the outstanding balance and a portion of the principal. Because it is constant, the loan is fully cleared by the final payment. This calculator produces exactly that EMI for a fixed-rate, fixed-term loan.

Does the result include fees or insurance?

No. It calculates principal and interest only. Arrangement or origination fees, payment protection insurance, and any administrative or late charges are not included. Because of those extras, the lender's APR is usually higher than the plain interest rate you enter, so ask for the full APR when comparing.

Why is total interest a better comparison than the monthly payment?

A lower monthly payment often just means a longer term, which increases the total interest you pay over the life of the loan. Two loans can have very different monthly payments but similar or reversed total costs. Comparing the total interest (or total repayment) shows which loan is genuinely cheaper overall.

How does extending the term change the cost?

A longer term spreads repayment over more months, reducing each monthly payment but increasing total interest because you owe the balance for longer. A shorter term raises the monthly payment but reduces total interest. Adjust the term to find the balance between an affordable payment and a lower total cost.

What if the interest rate is 0%?

The calculator treats 0% as a special case and simply divides the loan amount by the number of months, giving zero total interest and a total repayment equal to the principal. This avoids the division-by-zero that the standard formula would otherwise produce at a zero rate.

Can it model variable rates or early repayment?

No. It assumes a constant rate and equal payments for the whole term, so it does not handle variable or tracker rates, interest-only periods, balloon payments, or the rebate sometimes given for settling early. For those, recalculate with the new rate and remaining balance, and confirm any settlement figure with the lender.

Is my loan information kept private?

Yes. All calculations run in your browser. The amount, rate, and term you enter are never uploaded, stored, or shared, and no account is needed to use the tool.

Finance

Loan & EMI Calculator — Monthly Payment & Interest, Free

🔒 Runs in your browser

Calculate monthly loan payment, total repayment, and total interest using the standard amortization formula. Works for personal loans, auto loans, or any fixed-rate term. Runs in your browser, fully private.

How to use this tool

Enter the loan amount, annual interest rate, and term in years.
See the monthly payment, total repayment, and total interest.
Use the amortisation breakdown to see principal vs interest per payment.

Loan amount (€)

Annual interest rate (%)

Term (years)

Monthly payment

€438.71

Total repayment€10,529.13

Total interest€529.13

About Loan / EMI Calculator

This calculator works out the fixed monthly payment, total interest, and total repayment for any amortising fixed-rate loan, the same maths behind an EMI (Equated Monthly Instalment). It uses M = P × r(1 + r)^n / ((1 + r)^n − 1), where P is the amount borrowed, r is the monthly interest rate (the annual rate ÷ 12, as a decimal), and n is the number of monthly payments (years × 12). An EMI is a single repeating payment that covers both interest and a slice of capital, sized so the balance reaches zero on the final payment. It applies equally to personal loans, car finance, and any other fixed-term, fixed-rate borrowing.

For example, a 20,000 loan over 5 years at 7% gives a monthly rate of about 0.005833 and 60 payments, producing a monthly payment near 396, a total repayment of about 23,761, and roughly 3,761 in interest. Each payment is split between interest, charged on the current balance, and principal, which pays the balance down. Because the balance is largest at the start, the early payments are weighted toward interest and the later ones toward principal, even though the payment amount itself never changes. That is the defining feature of amortisation, and it is why paying a loan off early saves the most when done sooner rather than later.

Use it to compare offers before committing. Lowering the principal, shortening the term, or securing a lower rate all reduce total interest, but term and monthly payment pull in opposite directions: a longer term shrinks the monthly payment while increasing the total interest you pay. Comparing two loans purely on monthly payment can be misleading, since the cheaper-per-month option is often the more expensive overall. The total interest figure is usually the fairer basis for comparison. The 0% case is handled correctly by dividing the principal evenly across the months.

This is an estimate, not financial advice. It models principal and interest only and excludes arrangement or origination fees, payment protection insurance, late fees, and any other charges, so the lender's APR (which folds fees into an effective rate) will typically be higher than the headline rate you enter. It assumes a constant rate and equal monthly payments throughout, so it does not model variable rates, interest-only periods, balloon payments, or early-settlement rebates. Always confirm the exact figures and the APR with the lender before signing. All calculations run locally in your browser and none of your figures leave your device.

Frequently Asked Questions

How is the monthly loan payment calculated?: It uses the amortisation formula M = P × r(1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 as a decimal), and n is the number of months (years × 12). This gives one fixed payment that fully repays the loan, including interest, by the end of the term.
What is an EMI?: EMI stands for Equated Monthly Instalment: a fixed amount paid every month that covers both interest on the outstanding balance and a portion of the principal. Because it is constant, the loan is fully cleared by the final payment. This calculator produces exactly that EMI for a fixed-rate, fixed-term loan.
Does the result include fees or insurance?: No. It calculates principal and interest only. Arrangement or origination fees, payment protection insurance, and any administrative or late charges are not included. Because of those extras, the lender's APR is usually higher than the plain interest rate you enter, so ask for the full APR when comparing.
Why is total interest a better comparison than the monthly payment?: A lower monthly payment often just means a longer term, which increases the total interest you pay over the life of the loan. Two loans can have very different monthly payments but similar or reversed total costs. Comparing the total interest (or total repayment) shows which loan is genuinely cheaper overall.
How does extending the term change the cost?: A longer term spreads repayment over more months, reducing each monthly payment but increasing total interest because you owe the balance for longer. A shorter term raises the monthly payment but reduces total interest. Adjust the term to find the balance between an affordable payment and a lower total cost.
What if the interest rate is 0%?: The calculator treats 0% as a special case and simply divides the loan amount by the number of months, giving zero total interest and a total repayment equal to the principal. This avoids the division-by-zero that the standard formula would otherwise produce at a zero rate.
Can it model variable rates or early repayment?: No. It assumes a constant rate and equal payments for the whole term, so it does not handle variable or tracker rates, interest-only periods, balloon payments, or the rebate sometimes given for settling early. For those, recalculate with the new rate and remaining balance, and confirm any settlement figure with the lender.
Is my loan information kept private?: Yes. All calculations run in your browser. The amount, rate, and term you enter are never uploaded, stored, or shared, and no account is needed to use the tool.

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