The Loan & EMI Calculator shows your monthly Equated Monthly Instalment (EMI), the total interest you’ll pay over the life of the loan, and your full repayment amount — instantly, for any loan amount, interest rate, or term.
Loan & EMI Calculator
Calculate your monthly payments, total interest, and amortization schedule.
How the EMI is calculated
Every EMI is a fixed monthly payment that covers both interest and a slice of principal. It comes from the standard amortisation formula:
EMI = P × r × (1+r)n ÷ [(1+r)n − 1]
where P is the principal, r is the monthly interest rate (annual rate ÷ 12, as a decimal), and n is the number of monthly payments.
A worked example
Borrow $20,000 at 9% per year for 5 years. The monthly rate is 0.09 ÷ 12 = 0.0075, and n = 60. Running the formula gives an EMI of about $415.17. Over 60 payments you repay $24,910, of which $4,910 is interest. The calculator does this arithmetic instantly and lets you change any input to see the effect.
Why early payments are mostly interest
Although the EMI stays the same every month, its split between interest and principal shifts over time. Interest is charged on the outstanding balance, which is highest at the start — so early instalments are interest-heavy, and later ones chip away far more principal. Here’s the pattern for the example above:
| Payment | Interest | Principal | Balance after |
|---|---|---|---|
| 1st | $150.00 | $265.17 | $19,734.83 |
| 30th (midpoint) | $83.20 | $331.97 | $10,758 |
| 60th (final) | $3.09 | $412.08 | $0 |
This is exactly why making extra payments early saves the most: every additional dollar of principal you retire up front removes interest that would otherwise compound across the remaining term.
The levers that change your EMI
- Rate — even one percentage point is significant. Raising the example loan to 10% lifts the EMI to about $425 and adds roughly $600 in total interest.
- Term — a longer term lowers the monthly payment but increases total interest, because you’re borrowing for longer. A shorter term does the reverse.
- Principal — a larger down payment (smaller principal) reduces both the EMI and the interest proportionally.
Frequently asked questions
Does this include fees or insurance?
No. The result is pure principal-and-interest. Real loans may add origination fees, processing charges, or mandatory insurance — ask your lender for the APR, which folds those costs in.
Is this the same as a car or personal loan calculator?
Yes. Any fixed-rate, fixed-term amortising loan — car, personal, education, or home — uses this identical formula. Only the typical amounts and rates differ.
Are my figures stored?
No. The calculation runs entirely in your browser; nothing you enter is sent to or saved on our servers.
Sources and further reading
How it works
The calculator uses the standard amortizing loan formula. Each month, interest is calculated on the remaining balance, and the fixed EMI payment is split between paying that interest and reducing the principal. The process repeats until the balance reaches zero at the end of the term.Formula
EMI = P × r × (1+r)^n / ((1+r)^n − 1) where P = principal, r = monthly rate (annual rate ÷ 12), n = total months