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Loan EMI Calculator

Enter the loan amount, the yearly interest rate and the term, and see the monthly EMI, the total interest you will pay and the full repayment schedule. The schedule shows, month by month, how much of each instalment is interest and how much reduces the loan, plus a yearly summary that makes it easy to see how interest dominates the early years.

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Calculate Your Loan EMI

Assumes a fixed rate, equal monthly instalments paid at the end of each month and interest charged monthly on the outstanding balance (reducing balance). The EMI and each month’s interest are rounded to the nearest paisa/cent, and the final instalment is adjusted so the loan clears exactly. Lenders’ own figures can differ slightly (day counts, processing fees, insurance, floating rates).

The principal you borrow.
Annual nominal rate; 0 is allowed.
Adds payment dates to the schedule.

How to Use the Loan EMI Calculator

  1. Enter the loan amount, the annual interest rate and the term in years or months.
  2. Optionally pick the date of the first EMI to get dates in the schedule, and choose the currency and number format.
  3. Press Calculate.
  4. Read the EMI, total interest and total payment, then scroll the yearly summary and the monthly schedule.

About This Tool

Home, car and personal-loan borrowers comparing offers, students learning how amortization works, and anyone checking a lender’s quote.

Input: Numbers  ·  Output: EMI and schedule.

Features and Limitations

Features

  • EMI from the standard reducing-balance formula, shown with its working.
  • Total interest, total payment and the interest share of what you pay.
  • Month-by-month schedule with interest, principal and closing balance.
  • Yearly summary table.
  • Works with a 0% rate (equal split) and with terms in months.

Limitations

  • Fixed interest rate only: floating-rate loans, moratoriums, step-up EMIs and part-prepayments are not modelled.
  • Processing fees, insurance, taxes and penalties are not included.
  • Interest is charged per whole month, not per day, so a bank’s statement can differ by small amounts.
  • The term can be at most 50 years (600 months).
  • Results are computed in your browser; nothing you enter is sent to a server.

Example

A loan of ₹25,00,000 at 8.5% a year for 20 years has 240 instalments. The EMI works out to about ₹21,696 a month, and over the full term the borrower pays roughly ₹27.1 lakh in interest on top of the principal.

Frequently Asked Questions

What is the EMI formula?

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of monthly instalments. With a 0% rate the EMI is simply P ÷ n.

How is each month’s interest split from the principal?

Interest for a month = outstanding balance × r. The rest of the instalment, EMI − interest, repays principal and lowers the balance for the next month. That is why early instalments are mostly interest.

Why can the last instalment differ from the EMI?

The EMI is rounded to the nearest paisa or cent, so after many months a few paise are left over. The final instalment is adjusted so that the balance ends at exactly zero.

Is the interest rate the same as the APR?

No. The calculator uses the nominal annual rate compounded monthly, as most EMI loans quote. An APR also includes fees, so it is usually higher. Use the rate on your loan agreement.

Does a longer term lower the EMI?

Yes, but it raises the total interest. Try the same loan at 15 and 25 years to compare the monthly amount with the total interest in the stats.

Why does my lender’s EMI differ by a few rupees?

Banks may round the EMI up, compute interest on actual days, or start the schedule part-way through a month. This tool uses whole months and rounds to the nearest paisa.

Related Tools

More like this: all Finance tools, all Calculators tools or the TinySandy home page.