Calculate your monthly loan EMI, total interest and total payment in seconds.
Planning to buy a rental property? Enter your loan amount, annual interest rate and tenure to instantly see your monthly EMI, the total interest you will pay and the total amount repayable.
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate / 12 / 100) and n is the number of monthly instalments.
Yes, a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.
It uses the standard reducing-balance EMI formula used by most banks, so the result is a close estimate. Your bank's final figure may vary slightly with processing fees and rounding.