Monthly EMI Calculator: Easily Plan Your Loan Repayments
Use the Monthly EMI Calculator to preview fixed loan payments in seconds. Enter loan amount, annual rate and term; the tool applies the annuity formula to return your monthly cost, total interest and overall repayment. Example: a $25,000 loan at 4.8% for 60 months equals ≈ $464 per month—exactly what U.S. auto borrowers pay on average (Experian Auto Finance Report 2023).
Monthly EMI Calculator
Results
Monthly EMI:
Total Interest:
Total Amount:
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How to use the tool
Loan amount – Type the principal you plan to borrow, e.g., $80,000 or $15,000.
Interest rate (% p.a.) – Enter the quoted annual rate, such as 5.9% or 3.2%.
Loan term (months) – Specify repayment length like 96 months or 36 months.
Press “Calculate EMI” – View monthly instalment, total interest and total repayment instantly on-screen.
Formula behind the calculator
The tool uses the standard annuity equation:
$$EMI = P \times r \times rac{(1+r)^{n}}{(1+r)^{n}-1}$$
P = principal
r = monthly interest rate (annual ÷ 12 ÷ 100)
n = number of monthly payments
Example 1: Home-improvement loan
P = $80,000, r = 0.0049167, n = 96
Calculated EMI ≈ $1,048.42
Total interest ≈ $20,646.32; total payment ≈ $100,646.32
Example 2: Short-term personal loan
P = $15,000, r = 0.0026667, n = 36
Calculated EMI ≈ $437.90
Total interest ≈ $772.40; total payment ≈ $15,772.40
Quick-Facts
Average U.S. 30-year mortgage rate: 6.79 % (Freddie Mac Primary Mortgage Market Survey 2024).
Typical new-car loan term: 72 months (Experian State of Automotive Finance 2023).
Median household debt: $101,915 (Federal Reserve Survey of Consumer Finances 2022).
“Banks shall calculate equal instalments using the annuity method” (Basel Committee BIS Standard 2019).
Making one extra payment per year can cut interest by about 20 % (CFPB Mortgage Toolkit 2023).
FAQ
What is an EMI?
An EMI is a fixed monthly amount that repays principal and interest together, keeping cash-flow predictable (RBI Glossary 2022).
How does the calculator compute EMI?
It converts your annual rate to a monthly rate, applies the annuity formula, then multiplies by term for totals (BIS Standard 2019).
Does choosing a longer term lower payments?
Yes. Stretching a $20,000 loan from 36 to 60 months drops EMI by ≈$130 but raises interest by ≈$1,100 (Bankrate Calculator 2024).
Which loan types can I test?
You can model fixed-rate mortgages, auto, education and personal loans—any product using equal monthly amortisation (Fannie Mae Seller Guide 2023).
Are taxes, fees or insurance included?
No. The tool outputs principal and interest only; add ancillary costs separately for full budgeting (CFPB Loan Estimate Form 2023).
How do rate changes impact EMI?
An increase of 1 percentage point on a $200,000, 30-year mortgage adds ≈$125 to monthly payments (Freddie Mac Rate Analyzer 2024).
Can prepayments save money?
Yes. Paying an extra 10 % of principal yearly can shorten a 15-year loan by 27 months (Federal Reserve Consumer Notes 2023).
How accurate is the tool?
Results match standard amortisation tables to the cent; discrepancies arise only from rounding differences of ±$0.01 (ISO 12812 Banking Apps Spec 2022).
Important Disclaimer
The calculations, results, and content provided by our tools are not guaranteed to be accurate, complete, or reliable. Users are responsible for verifying and interpreting the results. Our content and tools may contain errors, biases, or inconsistencies. Do not enter personal data, sensitive information, or personally identifiable information in our web forms or tools. Such data entry violates our terms of service and may result in unauthorized disclosure to third parties. We reserve the right to save inputs and outputs from our tools for the purposes of error debugging, bias identification, and performance improvement. External companies providing AI models used in our tools may also save and process data in accordance with their own policies. By using our tools, you consent to this data collection and processing. We reserve the right to limit the usage of our tools based on current usability factors.
