Loan / EMI Calculator
Work out your monthly instalment (EMI), total interest and total repayment for any loan.
Monthly payment
—
Total interest
—
Total cost
—
Yearly amortization
| Year | Principal paid | Interest paid | Balance |
|---|
How to Use Loan / EMI Calculator
To calculate your loan repayments, enter the loan amount, annual interest rate, and loan term in years. The calculator instantly shows your monthly payment (EMI), the total amount repaid over the full term, and the total interest paid. All calculations update in real time as you adjust the inputs.
An amortisation table below the main results breaks down each year showing how much of your payments went to principal versus interest, and your remaining balance at the end of each year. This helps you understand how the loan balance reduces over time and how much interest is paid in the early versus later years.
Frequently Asked Questions
What is EMI? expand_more
EMI (Equated Monthly Instalment) is the fixed monthly payment amount you make on a loan. Each EMI payment covers a portion of the principal borrowed and a portion of the interest accrued.
How is monthly loan payment calculated? expand_more
The monthly payment is calculated using the formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
Why do early loan payments pay mostly interest? expand_more
In a standard amortising loan, interest is calculated on the outstanding balance. Since the balance is highest at the start, early payments are mostly interest. As the balance reduces, more of each payment goes towards principal.
How can I reduce total interest paid? expand_more
You can reduce total interest by making a larger down payment to reduce the principal, choosing a shorter loan term, or making extra payments towards the principal when possible.
What is the difference between a loan and a mortgage? expand_more
A mortgage is a specific type of loan secured against real property. A general loan can be secured or unsecured and is used for many purposes. Both use the same EMI calculation principles.
Related Tools
All Calculatorsarrow_forwardAge Calculator
Calculate exact age in years, months, days, hours and minutes from a birth date.
BMI Calculator
Calculate Body Mass Index with metric or imperial units and see your category.
Percentage Calculator
Six ways to calculate percentages, increases, decreases and differences.
Unit Converter
Convert length, weight, temperature, area, volume, speed, time and data.