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OS Authority

Calculate your loan EMI

Find the monthly payment (EMI) for any loan from the amount, the yearly interest or profit rate and the term, and see how much you pay in total.

Calculations run on this device. We don't see, store or log the amounts you enter.

How it works

  1. Enter the loan amount.
  2. Enter the yearly interest or profit rate, and the term in years or months.
  3. Read the monthly EMI, total interest and total paid; open the table to see each year.

How EMI is calculated

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly rate (yearly rate ÷ 12) and n the number of months. A loan of 1,000,000 at 12% a year for 20 years has an EMI of 11,010.86 and costs 1,642,606 in interest, more than the loan itself.

Reducing balance vs flat rate

This calculator uses the reducing-balance method that banks use for home and personal loans: interest is charged only on what you still owe. Some car and consumer loans quote a flat rate, charged on the full amount for the whole term; a 10% flat rate over 5 years costs the same as a 17.3% reducing rate, so always compare on the same basis.

Islamic financing and shorter terms

Murabaha and Ijara plans quote a profit rate instead of interest; the monthly payment follows the same formula, so enter the profit rate. Shortening the term raises the EMI but cuts the total cost: the same 1,000,000 at 12% over 10 years has an EMI of 14,347.09 and 721,651 in total interest.

Frequently asked questions

Does the EMI include fees and insurance?

No. It covers the loan and interest only. Processing fees, insurance and taxes are extra; ask your lender for the full schedule.

What if the rate is 0%?

The EMI is simply the amount divided by the number of months, for example 120,000 over 12 months is 10,000 a month.

Why does most of the early payment go to interest?

Interest is charged on the remaining balance, which is largest at the start. As the balance falls, more of each EMI repays the loan itself; the table shows this year by year.

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