Loan & EMI Calculator

Calculate your monthly EMI, total interest, and full repayment schedule.

$
%
$454.56
Monthly EMI
$909.36
Total Interest
$10,909.36
Total Payment

Payment Breakdown

Principal 91.7%
Interest 8.3%

Amortisation Schedule

MonthEMIPrincipalInterestBalance
1$454.56$383.72$70.83$9,616.28
2$454.56$386.44$68.12$9,229.84
3$454.56$389.18$65.38$8,840.66
4$454.56$391.94$62.62$8,448.72
5$454.56$394.71$59.85$8,054.01
6$454.56$397.51$57.05$7,656.50
7$454.56$400.32$54.23$7,256.18
8$454.56$403.16$51.40$6,853.02
9$454.56$406.01$48.54$6,447.01
10$454.56$408.89$45.67$6,038.11
11$454.56$411.79$42.77$5,626.33
12$454.56$414.70$39.85$5,211.62

About Loan & EMI Calculator

An EMI (Equated Monthly Instalment) is the fixed monthly amount you pay to fully repay a loan — principal plus interest — over a set number of months. This calculator computes your monthly EMI, total interest paid over the loan term, and a full month-by-month amortisation schedule showing the principal and interest breakdown for every payment.

EMI formula

EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)
where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = total number of monthly payments.

How to use the amortisation schedule

The schedule shows each month's payment split between interest (decreasing over time) and principal (increasing over time). In the early months of a loan the majority of each payment goes to interest. By the final months, almost the entire payment reduces the principal. This is why making extra repayments early in a loan term saves significantly more interest than the same payment made later.

Common use cases

  • Home loans / mortgages — calculate monthly repayments and total interest for different loan amounts and terms.
  • Car loans — compare offers by entering different interest rates and terms.
  • Personal loans — understand the true cost of borrowing before signing.
  • Budget planning — confirm that the monthly EMI fits within your income before applying.

About the Loan & EMI Calculator

A loan or EMI calculator works out the equated monthly instalment (EMI) for a fixed-rate loan, given the principal, annual interest rate, and term in years. It also shows the total interest paid over the life of the loan and a month-by-month amortisation schedule — how much of each payment goes to interest versus principal. Most home, car, education, and personal loans are structured as EMI loans, so being able to compute and compare them is essential before signing any agreement.

The calculation uses the standard amortisation formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly interest rate, and n is the number of monthly payments. The same formula underlies every mortgage in the developed world.

How an EMI is structured

Every monthly payment has two parts: interest on the outstanding principal, and a contribution toward repaying the principal. Early in the loan the principal is large, so most of the payment is interest. As the principal shrinks, interest shrinks too, and more of each payment goes to principal. By the final payment almost the entire amount is principal repayment. This is why making extra principal payments early in a loan can dramatically reduce total interest paid.

Why total interest can exceed the principal

On a 30-year mortgage at 7%, the total interest paid is typically larger than the loan amount itself. This shocks first-time borrowers but reflects the compounding nature of interest over a long term. Shorter terms and higher payments dramatically reduce total interest. Doubling the payment on a 30-year loan typically cuts the term to under 15 years and saves more than half the total interest.

How to use the Loan & EMI Calculator

  1. Enter loan amount and rate

    Principal in your currency and annual nominal interest rate as a percentage.

  2. Choose the term

    In years (or months for short-term loans). 30 years is typical for a mortgage; 3–7 years for a car loan.

  3. Inspect the EMI and totals

    Monthly payment, total interest, and total amount paid are shown together.

  4. Review the amortisation schedule

    A month-by-month table shows interest, principal, and remaining balance — useful for planning prepayments.

Worked examples

Example 1

Input: £300,000 at 6%, 30 years

Result: EMI £1,798.65, total interest £347,514

A typical mid-market mortgage.

Example 2

Input: £300,000 at 6%, 15 years

Result: EMI £2,531.57, total interest £155,683

Same loan halved in term — total interest more than halves.

Real-world use cases

  • Comparing two mortgage offers with different rates and terms.
  • Planning whether to make an extra principal payment.
  • Stress-testing a budget for a planned car purchase.
  • Calculating whether refinancing makes sense after a rate change.
  • Teaching the impact of interest rates on long-term costs.

Tips & common mistakes

  • A small reduction in interest rate produces a large savings over a long term. Always shop around.
  • Making a single extra payment per year on a 30-year mortgage shortens the term by several years.
  • Front-loaded interest means refinancing very late in a loan saves little — most of the remaining payments are already principal.
  • The advertised "APR" includes fees; the rate used here is the nominal rate. Use APR for cross-product comparisons.

Frequently asked questions

What is the difference between EMI and APR?

EMI is the monthly payment amount. APR (annual percentage rate) is the cost of the loan including most fees, expressed as a yearly rate. Use APR to compare offers; EMI to budget cash flow.

Does this account for taxes and insurance?

No. For a mortgage, taxes and insurance are often escrowed and added to the actual monthly payment. The EMI shown here is principal and interest only.

Can I model prepayments?

The basic schedule assumes the contracted payment each month. To model prepayments, run a fresh calculation with the reduced principal and shorter term to see the savings.

Are the calculations stored?

No. Everything is local to your browser.

Related tools

→ Compound Interest→ Percentage Calculator→ Date Difference

Last updated: June 2026 · All processing happens locally in your browser.