Loan & EMI Calculator

Work out a monthly instalment (EMI), total repayment and total interest for a loan, with the formula substituted. Try “EMI for a 100000 loan at 12% for 2 years”.

Try an example:

What you can do with the Loan & EMI Calculator

Monthly instalments and total interest.

Enter your values or describe the problem in the calculator above. Review the result and the explanation before using it in homework, study or practical calculations.

Example input

e.g. EMI for a 100000 loan at 12% for 2 years

How the Loan & EMI Calculator works

  1. Convert the annual rate to monthly (12% ÷ 12 = 1% = 0.01) and years to months (24).
  2. EMI = P·r·(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1).
  3. Total repaid = EMI × n; interest = total repaid − P.

Frequently asked questions

What is EMI?

Equated Monthly Instalment: the fixed amount you pay each month that covers both interest and principal.

Does a longer term lower the EMI?

Yes, but you pay more total interest over the life of the loan.

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Math Solver can make mistakes. Please double-check important steps and calculations.