Find your monthly loan payment (EMI), the total interest and a year-by-year breakdown.
Monthly payment (EMI)
$500.95
60 monthly payments
Calculation
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
Assumes a fixed rate and equal monthly payments. Lenders may add fees or round differently, so check the exact figure in your loan offer.
Last reviewed by the OnlineToolPro team
Works out the fixed monthly payment for a loan — often called EMI (equated monthly installment) — along with the total interest you'll pay and how the balance falls year by year. It suits personal, car and student loans with a fixed rate.
How it works
3 simple steps. No experience needed.
Good to know
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly interest rate (yearly rate ÷ 12) and n the number of monthly payments.
A longer term lowers the monthly payment but raises the total interest. Try both in the calculator to see the difference before you decide.
FAQ
Equated monthly installment — the same payment every month that covers both interest and part of the loan, so it's fully repaid by the end of the term.
Interest is charged on the remaining balance, which is largest at the start. As the balance falls, more of each payment goes to the loan itself.
Step-by-step help for getting more out of the loan calculator.
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