How is EMI calculated?

EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of months. This calculator does it for you and also shows total interest and total repayable.

What is the difference between EMI, interest, and total payable?

EMI is your fixed monthly payment. Total payable is EMI × number of months. Total interest is the total payable minus the original loan amount — the extra you pay for borrowing.

Does it work for home, car, and personal loans?

Yes — any reducing-balance loan with a fixed rate and tenure. Enter the amount, annual rate, and term in months or years.

Is it free and private?

Yes. It is free with no sign-up, and the calculation runs in your browser. Nothing is sent unless you choose to email yourself the result.

How do you calculate EMI for a personal loan?

Enter the loan amount, the annual interest rate, and the term, and it applies the standard EMI formula to show your fixed monthly payment plus total interest and total repayable. The same method works for any personal loan, whatever the lender.

How does a loan / EMI calculator work?

It takes your principal, the monthly interest rate (annual rate ÷ 12 ÷ 100), and the number of months, and computes a fixed monthly payment using reducing-balance maths — the same logic banks use, where early payments are mostly interest and later ones mostly principal.

How do I work out my monthly loan payment?

Just enter the three numbers above — amount, rate, and tenure — and your monthly payment (EMI) appears instantly, along with how much of the total is interest. No formula or spreadsheet needed.

Can you show an EMI calculation example?

Sure: a $500,000 loan at 9.5% over 5 years (60 months) works out to roughly $10,500 a month, with about $130,000 of total interest on top of the principal. Change any input above to see your own numbers.

How is EMI for a car or home loan calculated?

Exactly the same way as any other loan — car and home loans both use the reducing-balance EMI formula. Home loans simply have longer tenures and larger amounts, which is why their total interest is higher. Enter your figures above for the full breakdown.

Free Calculator

EMI / Loan Calculator

Enter your loan amount, interest rate, and tenure to see your monthly payment (EMI), total interest, and total repayable.

Instant result
Runs in your browser
Any fixed-rate loan

Loan amount

Interest rate (% / year)

Tenure

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Borrowing

Know your monthly payment before you sign

Taking a loan is one of those decisions where the frightening number is not the loan amount — it is the monthly payment you will be living with for years.

Enter the amount, the rate and the term, and you get the monthly payment, the total interest stacked on top, and the full amount you will have repaid by the end.

What the full term actually costs

The monthly figure a lender quotes rarely tells you what the loan costs over its life. Both numbers matter, and only one of them appears on the brochure.

The monthly payment decides whether you can live with it.
The total interest decides whether it was worth it — and on a long term it is often a large fraction of the amount borrowed.
Shortening the term raises the monthly payment and usually cuts the total sharply. Run it both ways before you decide.

$500,000 at 9.5% over 5 years

Principal$500,000

Interest$130,056

Total repaid$630,056

An illustration of the arithmetic, not a rate quote. The monthly payment on this one is $10,501.

How the maths actually works

The EMI formula is P × r × (1+r)^n ÷ ((1+r)^n − 1). It is the standard reducing-balance formula for fixed-rate loans; a lender’s quote can differ if it adds fees or calculates interest differently.

P is the loan amount — what you actually borrow, before interest.
r is the monthly rate: the annual rate divided by 12, then by 100.
n is the number of months, converted from years if you entered years.

What each letter stands for

1P - the loan amountWhat you borrow, before any interest.
2r - the monthly rate9.5% a year is 0.0079167 a month.
3n - the number of months5 years is 60 months.

Monthly EMI$10,501

It works for any loan

The formula does not care what the money is for. A mortgage, a car, a personal loan or a business loan all price the same way — only the numbers change.

Comparing two offers is the real use: put both in and look at the total, not the monthly.
A longer term almost always looks better monthly and costs more overall.
Honest note: it does not model extra payments or early settlement. If you intend to overpay, treat the total here as the ceiling rather than the forecast.

Same loan, two terms

Over 5 years

Per month$10,501

Total interest$130,056

Total repaid$630,056

$10,501

Over 10 years

Per month$6,470

Total interest$276,385

Total repaid$776,385

$6,470

The cheaper month costs about $146,300 more. That is the trade the monthly figure hides.

Free, private, no sign-up

The whole thing runs in your browser. Nothing you type is sent to a server unless you choose to email yourself the result, there is no account to create, and there is no cost.

Your figures are not sent anywhere while you calculate.
Which means your actual salary, deposit and loan figures can go in rather than rounded stand-ins.
The email copy is optional, and nobody will ring you about a mortgage afterwards.

Where your figures go

parix.ai/free-ai-tools/emi-loan-calculator/

Your numbers stay here

nothing sent

Parix.ai serverNever contacted while you calculate.

The short version

Four numbers worth keeping

Inputs: amount, rate, term.

Outputs: monthly payment, total interest, total repaid.

Of your figures sent anywhere.

101

Free tools on Parix.ai, none of them behind a sign-up.

Free, and staying free

Why Parix.ai gives this away

The answer appears straight away, with no details asked for first. These tools are how people find us, and that works better when they simply do the job.

Work out my payment

Who uses it

Anyone comparing loan offers, pricing a mortgage before talking to a bank, or working out whether the car they have been looking at is actually affordable.

Pair it with

The Percentage Calculator for the rate arithmetic, and the Discount Calculator for the one-off version of the same maths.

What it will not do

It does not model extra payments, early settlement or variable rates. For those, the figure here is the ceiling, and your lender’s own amortisation schedule is the thing to ask for.