Calculate the EMI (equated monthly instalment) for a home, car or personal loan, with the total interest and how each payment splits between interest and principal.
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With loan amount 1,000,000, interest rate (% per year) 9, loan tenure (months) 60, the monthly emi is $20,758.36.
| Loan amount | 1,000,000 |
|---|---|
| Interest rate (% per year) | 9 |
| Loan tenure (months) | 60 |
| Monthly EMI | $20,758.36 |
|---|---|
| Total interest | $245,501.31 |
| Total amount payable | $1,245,501.31 |
| Interest share of total | 19.71% |
| Interest in the first EMI | $7,500.00 |
| Principal in the first EMI | $13,258.36 |
Amounts are shown in US dollars for illustration. Choose your own currency in the calculator above; it labels amounts and does not convert them.
Enter the loan amount, the annual interest rate and the tenure in months. Interest is charged on the reducing balance, so the interest part of each EMI falls over time while the principal part rises. A longer tenure lowers the EMI but raises the total interest.
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P = loan amount, r = annual rate ÷ 12 ÷ 100 and n = months. Enter the loan amount, the annual interest rate and the tenure in months. Interest is charged on the reducing balance, so the interest part of each EMI falls over time while the principal part rises. A longer tenure lowers the EMI but raises the total interest.
With loan amount 1,000,000, interest rate (% per year) 9, loan tenure (months) 60, the monthly emi is $20,758.36. Total interest: $245,501.31; Total amount payable: $1,245,501.31; Interest share of total: 19.71%; Interest in the first EMI: $7,500.00; Principal in the first EMI: $13,258.36.
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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 monthly instalments.
Interest is charged on the outstanding balance, which is largest at the start. As you repay, the interest part shrinks and more of each EMI repays the principal.