Loan & EMI Calculator

EMI is calculated with the formula EMI = P × r × (1 + r)^n / ((1 + r)^n − 1). P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. For 10,000 at 6.5% for 5 years, the EMI is about 195.66. This calculator applies the formula automatically.

Total interest is your monthly payment times the number of payments, minus the amount you borrowed. For example, 195.66 × 60 months is about 11,739.69, so interest on a 10,000 loan is about 1,739.69. The calculator shows this as Total Interest Paid, next to the Total Cost of Loan.

A longer term lowers your monthly payment but usually increases the total interest you pay. You pay interest for more months, so the loan costs more overall. Try the same amount with a 15-year and a 30-year term to compare. This is an estimate only, not financial advice; check exact terms with your lender.

No. The calculator only covers principal and interest for a fixed-rate loan. It does not include property tax, insurance, processing fees, or prepayments, and it does not handle variable rates. Real payments from a bank can be higher, so treat the result as a planning estimate.

Yes. The formula works the same in every currency, so you can enter amounts in USD, EUR, INR, or any other money. The screen shows a dollar sign, but the numbers are correct for any currency as long as you use the same one for the loan amount throughout.