Tool EMI Calculator (Loan)
Calculate Equated Monthly Instalment (EMI), total interest and loan repayment
How is it calculated
EMI (Equated Monthly Instalment) formula:
EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ - 1]
- P = Loan amount (£)
- r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- n = Total number of instalments (in months)