Loan EMI Calculator
Work out your monthly loan payment, total interest, and total repayment from the loan amount, interest rate, and term.
Your Monthly Payment
2,014
Monthly payment
- Principal
- 250,000
- Total interest
- 233,356
- Total repaid
- 483,356
Over 240 payments
Enter your loan amount, interest rate, and term above to see your monthly payment and what the loan costs in total.
The formula
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1)
Where P is the principal, r is the monthly interest rate (annual rate / 12 / 100), and n is the number of monthly payments.
Example
The formula is currency-agnostic: the same ratio holds whatever you borrow in. A loan of 250,000 at 7.5% over 20 years works out to roughly 2,014 a month, with about 233,000 paid in interest across the life of the loan.
Fitting a loan payment into your budget
A loan payment is a "need" in 50/30/20 terms - run both calculators together to check the payment fits inside your needs bucket before you commit.