EMI and Loan Calculator
See what a loan costs each month and over its whole life. Change the months to compare a shorter loan with a longer one: the monthly payment falls as the term grows, while the total interest rises.
How it works
The standard formula is EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of months. A loan of 100,000 at 12% for 12 months has a monthly payment of about 8,885, with about 6,619 of interest in total.
Questions
Does the result include processing fees or insurance?
No. It covers only the loan amount and interest. Lenders may add fees, so compare the figure with your loan offer.
Does this work for a floating rate?
It assumes one rate for the whole term. If your rate changes, your payment or term will change too, so run the numbers again with the new rate.
Why do I pay more interest on a longer loan?
The balance stays unpaid for longer, so interest is charged for more months, even though each monthly payment is smaller.
Results are estimates for planning. They are not tax, legal or financial advice.
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