Loan / EMI Calculator
Enter the loan amount, interest rate and term to see your monthly payment, total interest, total cost and a month-by-month amortization schedule.
How to calculate a loan payment
- Enter the amount you are borrowing, the annual interest rate and the term in years or months.
- Read the monthly payment, total interest and total cost. Add an optional extra monthly payment to see the savings.
- Tick Show amortization schedule for a year-by-year breakdown of principal, interest and balance.
Features
Any loan
Mortgages, car loans, personal loans, student loans.
Extra payments
See interest and months saved by paying a little more.
Amortization
Year-by-year principal, interest and remaining balance.
Private
Everything is calculated in your browser; nothing is sent anywhere.
Frequently asked questions
What is an EMI?
EMI stands for Equated Monthly Instalment: the fixed amount you pay every month so that the loan, including interest, is fully repaid by the end of the term. Early payments are mostly interest; later ones mostly principal.
What is the EMI 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 ÷ 100) and n is the number of months.
Does this include taxes, insurance or fees?
No. It calculates principal and interest only. Property taxes, insurance, processing fees and prepayment penalties vary by lender and should be added separately.
How much does an extra payment save?
Any extra amount goes straight to principal, so less interest accrues every month afterwards. Even a small regular overpayment can cut years off a long mortgage; enter one above to see the exact figure.