Loan & EMI Calculator
Work out your monthly payment, total interest and full repayment schedule for any loan.
Monthly payment (EMI)
$512.91
- Total interest
- $5,774.80
- Total repaid
- $30,774.80
- Number of payments
- 60
- Interest share
- 18.8%
Repayment schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,190.73 | $1,964.23 | $20,809.27 |
| 2 | $4,561.15 | $1,593.81 | $16,248.12 |
| 3 | $4,964.31 | $1,190.65 | $11,283.81 |
| 4 | $5,403.11 | $751.85 | $5,880.70 |
| 5 | $5,880.70 | $274.26 | $0.00 |
Figures assume a fixed rate and equal monthly payments. Lender fees, insurance and taxes are not included.
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Know What a Loan Really Costs Before You Sign
The monthly payment is only part of the picture. Over a long term, interest can add a large share to what you repay. This calculator shows the monthly instalment, the total interest and how each payment splits between interest and principal, so you can compare offers and terms properly.
How to Calculate a Loan EMI
- Enter the loan amount. Type the amount you plan to borrow and pick your currency.
- Add the interest rate. Enter the annual interest rate from your loan offer.
- Set the term. Enter the loan length in years or months.
- Read the results. See the monthly payment, total interest and total repaid, then open the schedule for a month-by-month breakdown.
Ways to Pay Less Interest
- Borrow less. A bigger down payment lowers both the EMI and the interest.
- Choose a shorter term. Payments rise, but the total interest falls sharply.
- Compare rates. Even half a percentage point makes a noticeable difference on a large or long loan.
- Prepay when you can. Extra payments reduce the balance that interest is charged on. Check your lender's prepayment terms first.
Frequently Asked Questions
What is an EMI?
EMI stands for equated monthly instalment: the fixed amount you pay every month on a loan. Each payment covers that month's interest plus part of the principal, so the loan is fully repaid by the end of the term.
How is the EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments. For example, 25,000 at 8.5% a year over 5 years gives an EMI of about 512.91.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest part of each payment shrinks and the principal part grows. The repayment schedule shows this month by month.
Does a shorter term save money?
Yes. A shorter term means a higher monthly payment but much less total interest, because the balance is paid down faster. Compare terms in the calculator to see the difference in total interest.
Does this include fees, insurance or taxes?
No. The calculator assumes a fixed interest rate and equal monthly payments. Processing fees, insurance, taxes and penalties vary by lender, so check your loan offer for the full cost.
Can I use it for car, home or personal loans?
Yes. Any fixed-rate loan repaid in equal monthly instalments works the same way, including car loans, mortgages, home loans and personal loans.