About this tool
Estimate the monthly instalment (EMI) for a home loan, car loan or personal loan. Enter the amount, yearly interest rate and term to see the monthly payment, total interest and total amount repaid, with a year-by-year breakdown of principal, interest and remaining balance. Works with any currency.
How to use it
- Enter the loan amount.
- Enter the yearly interest rate and the loan term in years or months.
- Read the monthly payment, then open the yearly breakdown if you need it.
Good to know
- Uses the standard reducing-balance formula that banks use for fixed-rate loans.
- Fees, insurance and changing (variable) rates are not included, so your lender's figure may differ slightly.
- Results are estimates for planning, not a loan offer.
Frequently asked questions
What does EMI mean?
Equated Monthly Instalment — the fixed amount paid every month that covers both interest and part of the loan itself.
Why is most of the early payment interest?
Interest is charged on the remaining balance, which is highest at the start. As the balance falls, more of each payment goes towards the principal.