Enter your loan amount, interest rate, and tenure — get your exact monthly EMI, total interest cost, and a full month-by-month repayment table in seconds. Understanding your EMI before applying prevents over-borrowing and puts you in control of your financial commitment.
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Standard amortization formula used by all US lenders
Complete month-by-month repayment schedule included
| # | Monthly EMI | Principal | Interest | Remaining Balance |
|---|
EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]
Where: P = principal loan amount | r = monthly rate (APR ÷ 12 ÷ 100) | n = total months
| Loan Amount | APR | 12 mo EMI | 24 mo EMI | 36 mo EMI | 60 mo EMI |
|---|---|---|---|---|---|
| $5,000 | 12% | $444 | $235 | $166 | $111 |
| $5,000 | 28% | $483 | $277 | $208 | $158 |
| $10,000 | 18% | $917 | $499 | $362 | $254 |
| $10,000 | 35% | $992 | $581 | $449 | $367 |
| $20,000 | 15% | $1,805 | $970 | $693 | $476 |
| $20,000 | 36% | $2,009 | $1,177 | $913 | $750 |
Add up all your monthly debt payments — including your new loan EMI — and keep the total below 35% of your gross monthly income. If you earn $3,500/month, your max total monthly debt = $1,225. Use the calculator to find the loan term that keeps you within this limit.
Extending tenure lowers your EMI but dramatically increases total interest. On a $10,000 loan at 22% APR: 24 months costs $1,863 in interest; 60 months costs $5,088 in interest — the same debt costs $3,225 more just by stretching the term 3 years.
Origination fees (1%–8%) reduce the amount you actually receive while keeping your EMI the same. A $10,000 loan with 5% fee means you receive $9,500 but repay $10,000 + interest. APR includes these fees and is the only accurate way to compare offers.
EMI (Equated Monthly Installment) is the fixed amount you pay each month to repay your loan. Each payment covers a portion of principal plus interest. Early payments are mostly interest; later payments are mostly principal. This gradual shift is called amortization.
EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ−1], where P is the principal, r is the monthly interest rate (annual APR ÷ 12 ÷ 100), and n is the number of monthly payments. Our calculator applies this formula instantly with a full breakdown.
Yes — but at a significant cost. Longer tenure always lowers the monthly EMI but dramatically increases total interest paid. A $10,000 loan at 22% APR over 24 months vs 60 months saves $178/month but costs an extra $3,225 in total interest over the longer term.
Financial advisors recommend keeping total monthly debt payments — including all loan EMIs — below 35%–40% of your gross monthly income. If your income is $3,000/month, aim to keep total debt payments under $1,050.
Origination fees are usually deducted upfront from your loan disbursement — not added to your monthly EMI. However, they increase your effective APR. Always compare offers using APR (which includes all fees), not the stated interest rate alone.
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⚠ Disclaimer: Calculator results are estimates based on standard amortization formula. Actual payments and fees vary by lender. Always verify final terms with your lender before signing. See our Disclaimer and Privacy Policy.