Loan EMI Calculator

What is loan emi calculator?

An EMI calculator shows what you will pay each month on a loan with a fixed rate and equal payments, such as a mortgage, car loan or personal loan. It also shows the total interest, which is the real cost of borrowing.

Early payments are mostly interest and later payments are mostly principal. The yearly table makes that shift visible, so you can see how much of the balance is left after each year.

How to use the loan emi calculator

1. Enter the amount you want to borrow.
2. Add the yearly interest rate and the loan term, in years or months.
3. Press Calculate to see the monthly payment, total interest, total repaid and a table by year.

How the loan emi calculator works

The monthly payment is P times r times (1 plus r) to the power n, divided by ((1 plus r) to the power n, minus 1), where P is the loan, r is the monthly rate (yearly rate divided by 12 and by 100) and n is the number of months. With a zero rate the loan is simply divided by the number of months.

Worked example

Common uses of the loan emi calculator

• Checking whether a car, home or personal loan fits your monthly budget.
• Comparing loan offers with different rates and terms.
• Seeing how much interest you pay over the full life of a loan.
• Deciding if a shorter term with a higher payment is worth it.
• Planning how much you can borrow from a target monthly payment.

Tips and common mistakes

Shorter terms cost less interest overall but raise the monthly payment. Try several terms to find a balance you can afford.

Many lenders add fees, insurance or taxes that this tool does not include. Ask for the annual percentage rate (APR) to compare offers fairly.

Background: what to know before you rely on it

An equated monthly installment keeps the payment the same every month while the split between interest and principal changes. At the start, the balance is high, so most of each payment is interest. Over time the balance falls, interest falls, and more of each payment reduces the loan. This is called amortization. A longer term lowers the monthly payment but increases the total interest, sometimes by a large amount. Paying a little extra each month, when your lender allows it, shortens the loan and cuts interest. Before you sign, read the contract for fees, early repayment rules and whether the rate is fixed or can change.

Private, free and fast

This tool runs entirely in your browser. What you type or choose is not uploaded to a server and is not saved after you close the page, which keeps it fast and private. It is free to use as often as you like. See more in all finance calculators, or browse the full list of tools.

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Results are for information and education. For legal, financial, medical or security decisions, check with a qualified professional. Estimates only. Confirm with your lender or accountant.