The Personal Loan EMI Calculator helps you quickly estimate your monthly payments and total interest based on your loan amount, interest rate, and tenure. It's an easy-to-use tool designed to help you plan your finances with confidence before taking out a personal loan.
You will pay $274,823 in interest (which is 27.48% of the loan amount) on taking a loan of $1,000,000 for 5 years. The loan will get paid off by Jul, 2029
| Year | Total Payment (Principal + Interest) | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| 2024 | $106,235 | $65,654 | $40,582 | $934,346 |
| 2025 | $254,965 | $169,143 | $85,822 | $765,203 |
| 2026 | $254,965 | $186,854 | $68,110 | $578,349 |
| 2027 | $254,965 | $206,420 | $48,544 | $371,928 |
| 2028 | $254,965 | $228,035 | $26,929 | $143,893 |
| 2029 | $148,729 | $143,893 | $4,836 | $0 |
Thinking about taking out a personal loan? Our Personal Loan EMI Calculator is here to assist you in understanding your financial obligations before you commit. Whether you're planning a vacation, home renovation, or managing unexpected expenses, this tool helps you estimate your monthly payments and overall loan costs, enabling you to plan with confidence.
The Personal Loan EMI Calculator utilizes a straightforward formula to calculate your Equated Monthly Installment (EMI):
The formula is:
EMI = (P × r × (1 + r)n) / ((1 + r)n - 1)
Where:
By entering your loan amount, interest rate, and repayment term, you’ll instantly see your monthly EMI, along with the total interest you'll pay over the loan’s duration.
Ready to calculate your monthly payments? Use our Personal Loan EMI Calculator to get started. It’s a simple, hassle-free way to ensure your loan fits your budget perfectly. Calculate your EMI now and take control of your finances!