How much will your loan really cost?

Plug in your numbers below — EMI, total interest, month-by-month schedule. Takes 5 seconds. No sign-up.

Loan EMI Calculator

Adjust the sliders to calculate your monthly EMI

Monthly EMI

$205,028

Principal

$1.00M

Interest

$25.1K

Total

$1.03M

$
$10K$10.00M
%
0.5%30%
1 Month360 Months
Savings
$
$0$410.1K
1
5 yrs
💰 Save up to $5.0K
🇺🇸United States Rates
Free • 30 sec

🇺🇸 United States — You're overpaying $25.1K in interest.

LendingTree users in United States save up to $5.0K on their loan. Check if you qualify.

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How Does an EMI Calculator Work?

An EMI (Equated Monthly Installment) calculator is a financial tool that helps you determine the monthly payment amount for a loan. It uses the reducing balance method, which is the standard calculation method used by banks across India.

The EMI Formula

EMI = P × r × (1+r)n / ((1+r)n - 1)

Where P = Principal loan amount, r = Monthly interest rate, and n = Number of monthly installments.

Benefits of Using an EMI Calculator

  • Financial Planning: Know your exact monthly outflow before taking a loan.
  • Loan Comparison: Compare EMI amounts across different banks and interest rates.
  • Budget Management: Plan your monthly budget around your EMI obligations.
  • Pre-payment Planning: Understand how extra payments reduce your tenure and interest.

Frequently Asked Questions

EMI stands for Equated Monthly Installment. It is the fixed monthly amount you pay to the bank or lender to repay your loan. Each EMI consists of two components — the principal amount and the interest on the outstanding loan balance.