Loan / EMI Calculator
Calculate your monthly payment, total interest and a full amortization schedule — and see how an extra payment could shorten your loan.
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Estimate only: this calculator models a standard fixed-rate, monthly-compounding amortizing loan. It does not include lender fees, insurance, taxes or escrow, and actual figures from your lender may differ due to rounding or their specific compounding conventions.
How It Works
Enter loan details
Amount, annual interest rate, and term in years or months.
See your payment breakdown
Monthly EMI, total interest, and the full amortization schedule.
Model an extra payment
Add an optional extra monthly amount to see the time and interest saved.
Privacy note: every calculation runs locally in your browser. Your loan details are never sent to a server.
The formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
Where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. Each month, interest is charged on the remaining balance, and the rest of the payment reduces the principal.
Frequently Asked Questions
How is the monthly loan payment (EMI) calculated?+
This calculator uses the standard amortizing-loan formula: EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. For a 0% interest rate, the payment is simply the loan amount divided by the number of payments.
What is an amortization schedule?+
It's a month-by-month breakdown of every payment showing how much goes toward interest versus principal, and the remaining balance after each payment. Early payments are interest-heavy; later payments are principal-heavy, even though the total payment stays the same.
How does an extra monthly payment reduce total interest?+
Any amount paid above the required payment goes entirely toward reducing the principal balance, which means less interest accrues on every subsequent payment. This shortens the loan term and reduces total interest paid, sometimes substantially over a long-term loan.
Will my real lender's numbers match this calculator exactly?+
Not necessarily. This tool estimates a standard fixed-rate, fixed-term amortizing loan. Real lenders may add origination fees, insurance, taxes, escrow, or use slightly different day-count or compounding conventions, all of which can shift the actual figures.
Can I use this for a 0% interest loan?+
Yes. With a 0% rate, the payment is simply the loan amount divided by the number of payments, and total interest is zero.
Why does the last payment in the schedule sometimes differ slightly from the others?+
Rounding across many months can leave a few cents of balance remaining. The final payment is adjusted so the loan balance reaches exactly zero rather than carrying a tiny leftover amount.
Can I download the amortization schedule?+
Yes. Once you've calculated a schedule, use the Download CSV button to save the full payment-by-payment breakdown as a spreadsheet file.