SumLoan / EMI Calculator
Work out your monthly loan payment (EMI), total interest, and total repayment cost for any loan — personal, auto, or home — in seconds.
Monthly Payment (EMI)
How It Works
This calculator uses the standard amortization formula that banks and lenders use for fixed-rate loans: M = P × r(1+r)n / ((1+r)n − 1), where P is the loan amount, r is the monthly interest rate (your annual rate divided by 12), and n is the total number of monthly payments (years × 12). The result, M, is your fixed monthly payment, also known as your EMI (equated monthly installment). If your rate is 0%, the formula simplifies to the loan amount divided by the number of months.
Each monthly payment is split between interest and principal. Early in the loan, most of your payment goes to interest because the balance is at its highest; as the balance shrinks, more of each payment goes toward the principal. That is why the first-year summary below matters: it shows how much of your money is actually paying down the loan in year one versus going to the lender as interest.
Worked example: borrow $300,000 at 6.5% APR over 30 years. The monthly rate is 0.065 / 12 = 0.005417, and there are 360 payments. Plugging those into the formula gives a monthly payment of about $1,896.20. Over the full term you would pay roughly $382,633 in interest, for a total repayment of about $682,633. In the first year alone, about $19,401 goes to interest and only about $3,353 goes to principal — a useful reminder that extra payments early in a loan save the most interest.
Frequently Asked Questions
What is an EMI?
EMI stands for "equated monthly installment" — the fixed amount you pay your lender every month until the loan is repaid. It covers both the interest charged that month and a portion of the principal.
Why does a longer loan term cost more overall?
A longer term means smaller monthly payments, but you pay interest for more months. A 30-year loan can cost more than twice as much in total interest as a 15-year loan on the same amount, even at the same rate.
Does this calculator include fees or insurance?
No. It calculates principal and interest only. Your lender may add origination fees, mortgage insurance, property tax, or homeowners insurance on top — for a full housing payment, try our Mortgage Calculator.
What happens if my interest rate is 0%?
Your monthly payment is simply the loan amount divided by the number of months, and your total interest is $0. This calculator handles a 0% rate correctly.
How can I pay less interest on my loan?
The three levers are a lower interest rate, a shorter term, or extra payments toward the principal — especially early in the loan, when most of each payment goes to interest.
Last updated: November 2026