Loan Calculator
Calculate your loan EMI (equated monthly installment), total interest, and full amortization schedule. Enter the loan amount, annual interest rate, and term in years. See how each payment reduces principal over time.
Loan calculator
Result
What is this?
A loan calculator computes the EMI (equated monthly installment), total interest, and amortization schedule. EMI is the fixed monthly payment that includes both principal and interest. Early payments are mostly interest; as the balance shrinks, more of each payment goes to principal. The amortization schedule shows month-by-month breakdown. The formula accounts for compound interest over the loan term. Enter principal, annual rate, and years to get your monthly payment and total cost. Useful for comparing loan offers before signing.
When to use
Use for personal loans, car loans, or any fixed-payment loan. Example: $25,000 at 6.5% for 5 years ≈ $489/month EMI, ~$4,350 total interest. Compare different terms and rates. Borrowers shop for the best deal. See how much extra principal payments save. Understand the true cost of a loan. Compare 3-year vs 5-year terms. Essential before taking any loan. The amortization table shows exactly where your money goes.
How to use
EMI = P × r × (1+r)^n / ((1+r)^n − 1). P = principal, r = monthly rate (annual ÷ 12), n = number of months.
Each payment is split: interest first (on remaining balance), then principal. Early payments are mostly interest.
Frequently asked questions
- EMI (Equated Monthly Installment) is a fixed payment you make each month toward a loan. It includes both principal and interest, so the total stays the same over the loan term.
- EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly interest rate (annual rate ÷ 12), and n is number of months.
- An amortization schedule shows how each payment is split between principal and interest, and how the remaining balance decreases over time.