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Loan EMI Calculator

See your monthly loan payment (EMI), total interest, and a full month-by-month amortization schedule.

Loan EMI Calculator

Monthly EMI
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Total interest
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Total payable
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How it works

EMI stands for Equated Monthly Instalment — the fixed amount you pay each month on a loan until it's fully repaid. This calculator uses the standard reducing-balance formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments.

Although your monthly payment stays constant, its split changes over time. Early payments are mostly interest because the outstanding balance is high; as the balance falls, more of each payment goes to principal. The amortization schedule makes this visible, showing exactly how much of every instalment reduces your debt versus how much is interest, along with the running balance.

Use it to compare loan offers, understand how tenure affects total interest (a longer term lowers the monthly payment but raises the total interest paid), and choose a currency that matches your loan. This is an estimate — real loans may include fees, insurance, or rate changes not modelled here.

Examples

₹5,00,000 at 9% for 5 years → EMI ≈ ₹10,379, total interest ≈ ₹1,22,732.
$20,000 at 6% for 4 years → EMI ≈ $469.70.
Extending tenure lowers the EMI but increases total interest paid.

Frequently asked questions

What is an EMI?
An Equated Monthly Instalment is the fixed sum you pay each month, combining interest and principal, until the loan is cleared.
Why is early EMI mostly interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance shrinks, the interest portion falls and more of each payment reduces the principal.
Does a longer tenure save money?
It lowers the monthly payment but increases the total interest, because you owe money for longer. The amortization table lets you compare the trade-off.
Does this include processing fees or insurance?
No. It models principal and interest only. Real loans may add fees, taxes, or insurance, so treat the result as a close estimate.