What is an EMI or Amortized Payment?

It is the fixed amount paid to the lender every month, covering both principal and interest.

How does interest affect my total loan cost?

A higher interest rate or longer tenure significantly increases the total amount you pay back over the life of the loan.

Currency:

Loan Amount: $50,000

Interest Rate (% p.a.): 7.5%

Term: 60 Months

Monthly Payment$1,002

Total Interest$10,114

Total Cost$60,114

17% Int.

Use our free Loan & EMI calculator to find out exactly how much your monthly payments will be for any mortgage, auto, or personal loan.

Adjust the Loan Amount — use the slider or type in the exact principal amount.
Set the Interest Rate — enter the annual interest rate offered by your lender.
Choose the Tenure — select the number of months or years for repayment.
View your results — the monthly payment, total interest, and total cost appear instantly.

$$ ext{EMI}=rac{P imes r imes(1+r)^n}{(1+r)^n-1}$$

Where P is the principal loan amount, r is the monthly interest rate, and n is the number of monthly installments.