Loan EMI Calculator
A loan EMI calculator: the monthly payment, the total interest sitting beside it, and every month of the schedule.
Monthly payment (EMI)
No payment for a loan of 0
Where the money goes
Added to every payment.
The same loan, two terms
How to use
- Type the Loan amount, then the Annual interest rate as a percentage. Commas in the amount are fine, so 200,000 and 200000 read the same.
- Set Loan term. Years and months are separate boxes and months stops at 11, so 42 months is 3 years and 6 months.
- Read the monthly payment at the top, then the four cards: Total paid, Total interest, the month principal overtakes interest, and how much of the loan the first half of the payments clears. No button to press, they redraw as you type.
- Open Prepayments if you plan to pay ahead of schedule. Extra per month applies to every single payment. One-time amount lands in the month in Paid in month, and that box stays disabled until there is an amount.
- Use the buttons under the chart. Show amortization schedule opens the month-by-month table, Download CSV saves it as loan-amortization-schedule.csv, and Share link copies the address with all your figures inside it.
About this tool
Borrow 200,000 at 6% over thirty years and this loan EMI calculator puts the payment at 1,199.10 a month. The figure under it is the one to sit with. Total paid comes to 431,676.38, which means 231,676.38 of it was interest. You hand back more in interest than you borrowed, and nothing about the 6% on the paperwork hints at that.
EMI is short for Equated Monthly Installment. The payment is flat; the split inside it is anything but. Month one of that loan is 1,000.00 of interest and 199.10 of principal. Month 360 is 5.97 of interest and 1,193.14 of principal. Interest gets charged on what is still outstanding, so as the balance drops the interest shrinks and principal grows to fill the space. The formula behind it is EMI = [P × R × (1+R)^N] ÷ [(1+R)^N − 1], where R is the annual rate divided by twelve and N is the number of months.
Loan term is two boxes and the months one caps at 11, so an eighteen-month loan goes in as 1 year 6 months and a half-year one as 0 years 6 months. Set the rate to 0 and the arithmetic degrades cleanly: 12,000 over a year comes back as 1,000.00 flat with zero interest, which is how a genuine no-interest instalment plan should read. Amounts carry no currency symbol, so the same three inputs work in dollars, rupees or pounds as long as you keep them consistent.
Prepayments opens two more ways to pay ahead. Extra per month rides on every payment. One-time amount lands in the month named in Paid in month, which stays greyed out until there is an amount and starts halfway through a short loan, never later than month 12. Name a month the loan never reaches and the field says which month it does end in, instead of quietly dropping the payment. Either one turns the fourth card into Saved by prepaying: the interest it saves and the month the last payment now falls in. The monthly payment does not move, because the contract payment has not changed; the schedule just runs out sooner. The chart opens on Breakdown, one bar per year of principal against interest with the year principal takes over marked, and Balance draws the curve to zero beside the original schedule once you prepay. Under it, Show amortization schedule opens the month-by-month table, Download CSV saves it, and Share link copies an address with your amount, rate, term and any prepayments already in it.
A used car, and what an extra 100 does
Say the dealer quotes 18,000 over four years at 9.5%. Loan amount 18000, Annual interest rate 9.5, Loan term 4 years with the months box left empty. Monthly payment (EMI) comes back at 452.22, Total paid at 21,706.39, Total interest at 3,706.39.
Now open Prepayments and put 100 into Extra per month. The fourth card turns into Saved by prepaying and reads 804.11, with the last payment in month 38, ten months early. Total interest drops to 2,902.28. The monthly payment still reads 452.22, because that is still what the agreement asks for. You are just handing over 552.22 and killing the balance faster.
Good to know
- One rate, applied to every month, on a reducing balance. That leaves out a fair bit of what makes a real quote a real quote. Fees are the big one: an origination or processing charge doesn't change the payment shown here, but it does change what the borrowing costs you, which is exactly what APR exists to capture, and the APR calculator is the page for that. Teaser rates that step up after six months can't be written as a single number. Floating rates move and this doesn't. Prepayment penalties are ordinary in some markets, and the Prepayments panel will happily show you a saving your agreement then charges you for. The model also assumes every payment lands on time, which is the one thing a late fee cares about.
Frequently asked questions
What is EMI in a loan?
Equated Monthly Installment. It is the fixed sum you hand over each month until the loan is cleared, with interest and principal bundled into one figure that never changes across the term. What changes is the mix. Early payments are mostly interest, late ones are mostly principal, and the schedule on this page shows exactly where the crossover falls.
How is EMI calculated on a reducing balance?
EMI = [P × R × (1+R)^N] ÷ [(1+R)^N − 1]. P is the amount borrowed, R is the monthly rate, which this page gets by dividing your annual rate by twelve, and N is the number of monthly instalments. Reducing balance means each month's interest is charged on what is left owing rather than on the original amount, which is why the interest portion falls every single month.
The bank quoted a different EMI. Which one is wrong?
Probably neither. Lenders add processing or origination fees, and some roll those into the principal before amortising, which lifts the payment. Some accrue interest from the disbursement date rather than a clean month boundary. Rounding conventions differ by a rupee or a cent. If the gap is wider than a couple of percent, ask which charges are folded into their figure, then put those into the APR calculator to see the real cost of the money.
Why does a longer term cost more when the monthly payment is lower?
Because you owe the money for longer and interest is charged for every month you owe it. On 200,000 at 6%, thirty years is 1,199.10 a month and 231,676.38 of interest. Fifteen years is 1,687.71 a month and 103,788.46 of interest. An extra 488.61 each month cuts the interest bill by 127,887.92, at the same rate, on the same loan.
Can I model a 0% instalment plan?
It works, and the arithmetic goes simple: the amount divided by the number of months, with total interest at zero. 12,000 over twelve months comes out at exactly 1,000.00. Worth remembering that most 0% offers carry a processing fee or a marked-up sticker price, and neither of those shows up in a payment that assumes no interest.
Where do I see how much of a payment is interest?
The table behind Show amortization schedule. Every row is one month, with columns for Payment, Principal, Interest and the Balance left afterwards. The chart above it groups the same data into a bar per year, principal in one colour and interest in the other, which makes the shape obvious in a way a 360-row table never will. Download CSV takes the whole thing into a spreadsheet.
Missing something in Loan EMI Calculator? Suggest a feature →
Tell someone who needs this.