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Loan / EMI Calculator
Work out the monthly payment (EMI), total interest and a month-by-month repayment schedule for any loan.
Monthly payment (EMI)
Repayment schedule
| Year | Principal | Interest | Balance |
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The formula: EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r the monthly interest rate and n the number of monthly payments. Early payments are mostly interest; the principal share grows each month.
About the Loan / EMI Calculator
The Loan / EMI Calculator works out the equated monthly instalment for any loan — personal, car, student or home — from the amount, interest rate and term. It also shows the total interest you will pay and a full amortization schedule, so you can see how each payment splits between interest and principal and compare offers from different lenders.
How to use the Loan / EMI Calculator
- Enter the loan amount.
- Enter the annual interest rate and the loan term.
- Read your monthly EMI, total interest and total repayment.
- Scroll through the amortization schedule to see the balance fall over time.
Frequently asked questions
What is EMI?
EMI stands for equated monthly instalment — a fixed payment made every month that covers both interest and part of the principal, so the loan is fully repaid by the end of the term.
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate and n the number of monthly payments.
Does a longer loan term save money?
A longer term lowers the monthly payment but usually increases the total interest, because you borrow the money for longer.