EMI and installment payment calculator
See the monthly payment, total cost and interest of an instalment plan before you commit.
Month-by-month schedule
| Month | Interest | Principal | Balance |
|---|
What this calculates
If you buy something on instalments, or take a loan, with a fixed monthly payment and a fixed yearly interest rate, this tool works out the payment, the total you will pay and the total interest. It uses the standard equal-instalment formula.
The formula
With the amount financed P, the monthly rate r (the yearly rate ÷ 12 ÷ 100) and n months, the monthly payment is P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1). If the rate is zero, it is simply P ÷ n.
How to use this tool
- Enter the price or loan amount.
- Enter a down payment if you will pay part upfront. It is subtracted before the calculation.
- Enter the yearly interest rate. For a 0% instalment plan, enter 0.
- Enter the number of months, from 1 to 360.
- Read the monthly payment and totals. Open the schedule to see how each payment splits into interest and principal.
Worked examples
- 12,000 over 6 months at 0% is 2,000 a month, and no interest.
- 1,200,000 at 12% a year over 12 months is a monthly payment of 106,618.55, total payments of 1,279,422.56 and interest of 79,422.56.
- A price of 50,000 with a 10,000 down payment, at 18% a year over 24 months, finances 40,000. The payment is 1,996.96 a month and the interest comes to 7,927.14.
Limits you must know about
- Only the interest rate you enter is included. Processing fees, insurance, late charges, taxes and a lender’s own rounding are not, so a real offer may differ.
- Some “buy now, pay later” and shop instalment plans quote a flat rate or a fixed fee instead of a yearly rate. Those are not the same, and this tool cannot convert them. Ask the lender for the total amount you will pay.
- The calculation assumes equal monthly payments, with interest worked out on the remaining balance each month.
- The number of months must be a whole number from 1 to 360, and the down payment must be less than the price.
Troubleshooting
| What you see | Likely reason | What to try |
|---|---|---|
| Message about whole months | A decimal or a number over 360 | Enter whole months from 1 to 360 |
| Result differs from the lender’s | Fees, a flat rate, or different rounding | Ask the lender for the full cost |
| No result | A required box is empty | Fill in price, rate and months |
Notice
This is a general-purpose calculator for information only. It is not financial, tax, accounting or legal advice. Prices, rates, fees and rules differ between sellers, platforms and countries.
How the term changes the cost
A longer term lowers the monthly payment but increases the total interest. For an amount of 40,000 at 18% a year:
| Months | Monthly payment | Total interest |
|---|---|---|
| 12 | 3,667.20 | 4,006.40 |
| 24 | 1,996.96 | 7,927.14 |
| 36 | 1,446.10 | 12,059.45 |
Tripling the term more than triples the interest paid, because you owe money for longer. Choose the shortest term whose monthly payment you can comfortably afford.
Reading the schedule
In the first months, most of each payment is interest. Over time the share that pays off the principal grows. The balance column shows what you still owe after each payment, and it reaches zero in the last month.
Questions to ask the lender
- Is the quoted rate a yearly rate on the reducing balance, or a flat rate?
- Are there processing, documentation or insurance fees?
- What happens if I pay early or miss a payment?
- What is the total amount I will pay, in writing?
Tips
Enter a down payment to see how much it reduces both the payment and the interest. For 0% plans, check whether a fee or a higher cash price replaces the interest. This tool is for comparing options and is not financial advice.
Flat rates versus yearly rates
Some shops quote a flat rate, which is worked out on the original amount for the whole term. A flat rate of 10% on 100,000 over 12 months adds 10,000 of interest. But because you repay the balance month by month, the true yearly rate is much higher than 10%. This tool expects a yearly rate on the reducing balance, so do not enter a flat rate in the interest box. Ask the seller for the total you will pay, and compare that with the total shown here.
Frequently asked questions
Does it work for 0% instalment offers?
Yes. Enter 0 as the interest rate.
Is this the same as the lender’s figure?
Not necessarily. Fees, flat rates and rounding can differ.
Can I enter a down payment?
Yes. It is subtracted from the price before the calculation.