Loan Calculator

Calculate monthly repayments, total interest, and amortization.

Loan Amount ($)

Annual Interest Rate (%)

Loan Term

Term Unit

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FAQ

What is EMI?

EMI (Equated Monthly Installment) is a fixed payment made every month to repay a loan over a set period. It includes both principal and interest components.

How is EMI calculated?

EMI = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly installments.

Why is most of my early payment interest?

Loan repayment is front-loaded with interest. In the early months, most of your EMI goes to interest. Over time, as the principal reduces, the interest portion shrinks and the principal portion grows.

What is the total interest paid on a loan?

Total interest = (EMI × loan tenure in months) − principal amount. This calculator shows you this figure so you can compare the true cost of different loan options.

Does a shorter loan term always save money?

Yes in total interest, but no in monthly cash flow. A shorter term means higher monthly EMIs but less total interest paid over the life of the loan.

About Loan / EMI Calculator

An EMI (Equated Monthly Installment) calculator tells you exactly how much you will pay each month to repay a loan, and how much of the total repayment is interest versus principal. Whether you are evaluating a home loan, car loan, personal loan, or education loan, understanding the EMI before you sign keeps you in control of your finances.

The EMI Formula

EMI is calculated using this formula: EMI = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. A 5-year loan at 8% annual interest means r = 0.08 ÷ 12 = 0.00667 and n = 60.

How Amortization Works

Loan repayment is front-loaded with interest. In the first few months, the bulk of your EMI pays interest on the outstanding balance, with only a small slice reducing the principal. As the principal shrinks month by month, the interest charged falls, and more of each payment attacks the principal. This is called amortization. The amortization schedule produced by this calculator shows you the exact breakdown for every month of your loan.

Tips for Comparing Loan Offers

Use the "total interest paid" figure — not just the monthly EMI — to compare loan offers. A loan with a lower EMI but a longer tenure often costs far more in total interest. Run both options through this calculator and compare the total amount payable. For mortgages, even a 0.5% reduction in interest rate can save tens of thousands over a 20-year term.

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