Loan & EMI Calculator
Monthly payment (EMI), total interest and a full amortization schedule, any currency.
How to use Loan & EMI Calculator
- Enter the loan amount, yearly interest rate and term.
- Read the monthly payment (EMI), total interest and total cost.
- Add an optional extra monthly payment to see how much interest and time you save, and check the yearly schedule.
How it works
The monthly instalment (EMI) uses the standard annuity formula: EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the amount borrowed, r is the monthly rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. Each month, interest is charged on the remaining balance and the rest of the payment reduces the balance, so early payments are mostly interest.
The schedule rounds to whole cents each month, as lenders do, and adjusts the last payment so the balance ends at exactly zero. An extra monthly payment goes straight to principal, which shortens the loan and cuts total interest.
Example
Borrowing 100,000 at 10% for 12 months gives an EMI of 8,791.59 and total interest of about 5,499. Over 20 years at 9.5%, 250,000 costs 2,330.33 a month.
Frequently asked questions
What is EMI?
Equated Monthly Instalment: the fixed amount you pay each month, covering interest and part of the principal.
Does this include fees, insurance or taxes?
No. It covers principal and interest only. Add processing fees, insurance and property taxes separately for the full cost.
Is this valid for reducing-balance and flat-rate loans?
It calculates reducing-balance (standard amortizing) loans. Flat-rate loans charge interest on the original amount and cost more; ask your lender for the effective rate (APR).
Should I pay extra each month?
Extra payments reduce interest, but check for prepayment penalties and compare with other uses of the money. This is not financial advice.
Which currency should I use?
Any: the maths is the same. The symbol is only for display.
Limitations
- Fixed-rate loans only; variable rates change the schedule.
- Does not include fees, insurance, taxes or day-count conventions specific to your lender.
- For information only, not financial advice.
Last reviewed November 9, 2026. How we build and test tools.