Loan & EMI Calculator
Calculate the monthly payment (EMI), total interest and full amortization schedule for any fixed-rate loan.
Why use this tool?
Calculate the monthly payment (EMI), total interest and full amortization schedule of a home, car or personal loan, so you can compare offers before you borrow.
How to use it
- Enter the loan amount, annual interest rate and term in years.
- Read the monthly payment and total interest.
- Expand the schedule to see each month's principal, interest and remaining balance.
How the monthly payment (EMI) is calculated
For a fixed-rate loan repaid in equal monthly installments, the payment is EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of months. Banks in India and elsewhere call this the EMI (equated monthly installment); in the US it's simply the monthly payment.
Example: borrowing 200,000 at 6% a year for 20 years gives r = 0.005 and n = 240, for a monthly payment of about 1,432.86. Over the full term you repay about 343,887, so the total interest is roughly 143,887.
Reading the amortization schedule
Each payment covers that month's interest first, and the rest reduces the balance. Early in the loan the balance is high, so most of each payment is interest; in the example above, the first payment is 1,000 of interest and only 432.86 of principal. As the balance falls, the split shifts until the last payments are almost entirely principal.
The schedule shows this month by month: principal, interest and remaining balance, so you can see exactly how much of the debt you'll still owe after, say, five years.
Using it to compare offers
A longer term lowers the monthly payment but raises the total interest considerably: the same 200,000 at 6% over 30 years costs about 1,199 a month but around 231,676 in interest. Compare total cost, not just the monthly figure.
Small rate differences matter on large loans: 0.5% less on that 20-year loan saves about 13,700. Extra payments toward principal shorten the loan and cut interest, especially early on. The calculator excludes fees, insurance and taxes, and assumes a fixed rate, so check the lender's official figures before signing.
Frequently asked questions
What is EMI?
Equated monthly installment: the fixed amount you pay each month on a loan, covering both interest and repayment of the amount borrowed.
Why is most of my early payment interest?
Interest is charged on the remaining balance, which is highest at the start. The interest share falls as the balance goes down.
Does the result include fees or insurance?
No. It covers principal and interest at a fixed rate only. Processing fees, insurance and taxes are extra.