Loan Calculator (or EMI calculator) shows the fixed monthly payment, the Equated Monthly Instalment, needed to pay off a loan over a set term at a given interest rate. It works for home loans and mortgages, car financing, personal loans and student loans in any currency.
Besides the monthly payment, you can see the total interest you'll pay over the life of the loan and a year-by-year amortization schedule, which shows how each year's payments split between principal and interest and how the balance goes down.
How to use the Loan / EMI Calculator tool
- Enter the loan amount.
- Enter the annual interest rate.
- Enter the term in years or months.
- Read the EMI, total interest and the schedule, all of which update instantly.
Features
- Standard reducing-balance EMI formula.
- Total interest and total cost.
- Yearly amortization schedule.
- Works with any currency.
- Private: nothing is sent anywhere.
Tips for best results
A longer term lowers the monthly payment but greatly increases the total interest. Compare 3, 5 and 7 years to see the difference. Making extra payments early in the loan saves the most interest, because that is when most of each payment goes to interest. Banks may add processing fees or insurance, so check the APR they quote.
Knowing the monthly payment before you apply helps you choose a loan that fits your budget and compare offers from different banks on equal terms.
Compatibility and limits
The Loan / EMI Calculator gives results instantly as you type and works on phones, tablets and computers. Results are rounded for display but calculated at full precision. The numbers you enter are not saved, so refreshing the page starts a new calculation. Results are estimates for general information, so for important medical, legal or financial decisions, please check with a qualified professional.
Privacy: your files never leave your device
All calculations happen in your browser. The numbers you enter, such as dates of birth, weights or loan amounts, are never sent to a server or stored.
Frequently asked questions
What is EMI?
Equated Monthly Instalment: the fixed amount you pay every month, covering both interest and principal, until the loan is paid off.
What formula is used?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r the monthly rate, and n the number of months.
Does it work for 0% loans?
Yes. The payment is simply the amount divided by the number of months.
Does it include fees or taxes?
No. Add any fees to the loan amount if they are financed.
Is this financial advice?
No. It's an estimate. Confirm the exact figures with your lender.