Calculate your monthly EMI for any loan. Enter the loan amount, interest rate, and tenure to get instant results.
This tool calculates the fixed monthly payment required to pay off any loan (mortgage, auto, personal, etc.) based on the loan amount, interest rate, and repayment term. It's a general-purpose tool useful for budgeting and comparing different loan scenarios before borrowing.
Monthly Payment = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments over the loan term.
Enter your loan amount, annual interest rate, and loan term, and the calculator returns your fixed monthly payment amount.
Example: A $25,000 loan at 7% annual interest over 5 years results in a monthly payment of approximately $495.03.
Why does the same loan amount have different monthly payments at different rates? The interest rate directly determines how much of your payment goes toward interest versus principal, so a higher rate increases the monthly payment needed to pay off the same principal within the same term.
How does changing the loan term affect monthly payment amount? A longer term spreads the same loan amount over more payments, lowering each individual monthly payment, though this typically increases total interest paid over the full life of the loan.
Is this calculation the same for all types of loans? The basic amortization formula applies broadly to fixed-rate installment loans (mortgages, auto loans, personal loans), though specific loan products may include additional factors like fees, insurance, or variable rates that aren't captured in this basic calculation.
What's the difference between monthly payment and total loan cost? Monthly payment is the recurring amount due each period, while total loan cost includes all payments made over the full term, including all interest — a lower monthly payment from a longer term often means a higher total cost overall.
How can I use this calculator to compare loan offers? Enter the same loan amount with different rates and terms from competing offers to directly compare monthly payments and understand the trade-offs between affordability and total cost before choosing a loan.