Loan Payment (EMI) Calculator
By Santaji GadepatilinUpdated October 27, 2026
Monthly payment (EMI) vs Loan term (years) — other inputs held at your current values.
How to use this calculator
Enter the loan amount, interest rate and term to see your monthly payment (EMI), the total you will repay and the total interest. You can also work backwards:
- How much can I borrow? → press × on Loan amount and type the monthly payment you can afford.
- How long will it take? → press × on Loan term and type your monthly payment.
- What rate am I being charged? → press × on the rate and type the amount, term and payment from your offer.
Switch the term to months if your lender quotes it that way.
The formula
EMI = P × i × (1 + i)n ÷ ((1 + i)n − 1)
- P — loan amount
- i — monthly interest rate = annual rate ÷ 12
- n — number of monthly payments = years × 12
Worked example
A loan of 200,000 at 9% for 5 years:
- i = 0.09 ÷ 12 = 0.0075
- n = 60
- EMI = 4,151.67 per month
- Total paid = 4,151.67 × 60 = 249,100.26
- Total interest = 49,100.26
How the term changes the cost
For 200,000 at 9%:
| Term | Monthly payment | Total interest |
|---|---|---|
| 3 years | 6,359.95 | 28,958.08 |
| 5 years | 4,151.67 | 49,100.26 |
| 10 years | 2,533.52 | 104,021.86 |
| 20 years | 1,799.45 | 231,868.46 |
A longer term lowers each payment but you pay much more interest overall.
Tips before you borrow
- Compare offers by total cost, not just the monthly payment.
- Check for prepayment penalties if you plan to pay early.
- Keep total loan payments within a comfortable share of your income.
Frequently asked questions
How is EMI calculated?
EMI = P × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1), where P is the loan amount, i the monthly rate (annual rate ÷ 12) and n the number of months.
How can I reduce my total interest?
Choose a shorter term, negotiate a lower rate, or make prepayments. The chart shows how the monthly payment changes with term.
How much can I borrow for a given monthly payment?
Press × on Loan amount, then type the monthly payment you can afford, the rate and the term.
Does this include fees and insurance?
No. Processing fees, insurance and taxes are extra. Add them separately to compare real costs.