Loan EMI Calculator
Calculate monthly loan payments, total interest, and total repayment value.
Monthly EMI
$1,578.47
Total Interest
$6,825.04
Total Payment
$56,825.04
Loan EMI Formulas & Calculation Steps
View All Math Formulas Handbook →Monthly EMI Formula
Equated monthly installment formula:
$$ \text{EMI} = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1} $$
Parameters:
$P = \text{Principal loan amount}, \quad r = \frac{\text{Annual Rate}}{12 \times 100}, \quad n = \text{Months}$.
Total Loan Cost Formulas
Total payment and total interest payable:
$$ \text{Total Payment} = \text{EMI} \times n $$
$$ \text{Total Interest} = (\text{EMI} \times n) - P $$