EMI calculator
An EMI (equated monthly instalment) is the fixed amount you pay every month on a loan. This calculator shows the instalment, the total interest and the total you pay back.
This is an illustrative scenario based on the numbers you entered. It is not a forecast and not a recommendation.
How it works
The EMI is the loan amount times r times (1 + r)^n, divided by ((1 + r)^n - 1), where r is the monthly interest rate (annual rate / 12) and n is the number of months. Early instalments are mostly interest and later ones mostly principal. This assumes a fixed rate and no fees; many real loans have floating rates, processing fees and prepayment rules.
Common questions
Why is total interest so large on long loans?
Interest is charged on the outstanding balance for more months, so a longer tenure lowers the EMI but raises the total interest.
Does this include processing fees?
No. Add any fees your lender charges separately.