Loan / EMI Calculator
Calculate your monthly loan payment (EMI) for any loan amount, interest rate, and term. See total interest paid and payment breakdown.
Monthly EMI
$0
Total Interest
$0
Total Payment
$0
How EMI is calculated.
EMI (Equated Monthly Installment) is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments.
A longer loan term means lower monthly payments but significantly more total interest paid. A shorter term costs more per month but saves thousands in interest over the life of the loan.
Frequently asked questions.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves you tens of thousands in interest. A 30-year mortgage is more affordable monthly but costs significantly more over time. Choose based on your monthly budget comfort.
How can I reduce my total interest paid?
Make extra payments toward principal, choose a shorter loan term, refinance at a lower rate, or make bi-weekly payments instead of monthly (results in one extra payment per year).