In short: Loan & EMI Calculator works out the monthly payment for a loan or mortgage, the total interest you’ll pay, and a year-by-year amortization schedule.
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How to use Loan & EMI Calculator
3 quick steps. Most people are done in under a minute.
- 1
Enter the loan amount, interest rate and term.
- 2
Optionally add an extra monthly payment.
- 3
See your monthly payment, total interest and yearly schedule.
Loan & EMI Calculator features
- Monthly payment (EMI) with the standard amortization formula
- Principal vs interest chart and yearly schedule
- See how extra monthly payments shorten the loan
- Any currency, any term in years or months
When to use Loan & EMI Calculator
- Compare mortgage offers before talking to a lender
- Budget for a car or personal loan
- See how much you save by paying a little extra each month
- Plan student loan repayments
About this tool
Find the monthly payment (EMI) for any loan or mortgage, see how much goes to interest each year, and test how extra monthly payments shorten the term. Includes a year-by-year amortization table and works in any currency.
Loan & EMI Calculator FAQ
How is EMI calculated?
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of monthly payments.
How much interest will I pay in total?
Enter your amount, rate and term. The result shows total interest and the total of all payments, plus a chart of how each year’s payments split between principal and interest.
Do extra payments really save money?
Yes. Extra payments reduce the balance faster, so less interest builds up. Add an amount under “Pay it off faster” to see how many years and how much interest you’d save.
Is this the same as my bank’s quote?
It uses the standard formula, but lenders may add fees, insurance or use different compounding, so treat it as an estimate. This isn’t financial advice.