Loan EMI Calculator

Enter the loan amount: Type the amount you plan to borrow.

Set the annual interest rate: Enter the yearly interest rate offered by the lender.

Choose the repayment term: Enter the duration in years or months.

Select a currency: Choose the currency you want to use for displaying the results.

Add optional extra payments: Enter an additional monthly amount if you plan to pay more than the required EMI.

Enter additional costs: Add any upfront fees and other monthly costs, if applicable.

Review the results: Check your estimated monthly EMI, total interest, total loan payments, payoff time, and repayment schedule.

The calculator updates the results as you change the inputs. You can reset the values or copy a summary of your calculation.

Calculate your estimated monthly loan payment, total interest, and repayment time with this free Loan EMI Calculator. Enter your loan amount, annual interest rate, and repayment term to see how much you may need to pay each month.

You can also add extra monthly payments, upfront fees, and other recurring costs to understand how they affect your overall borrowing expenses. The calculator provides a month-by-month repayment schedule showing principal, interest, and the remaining loan balance.

EMI stands for Equated Monthly Installment. It is a regular monthly payment made toward repaying a loan. For a typical fixed-rate, fully amortizing loan, each installment includes two parts:

Principal: The portion that reduces the amount you borrowed.

Interest: The cost charged by the lender for borrowing the money.

The amount of your EMI mainly depends on three factors:

Loan amount: A larger loan generally results in a higher monthly payment.

Interest rate: A higher rate usually increases both the monthly payment and total interest.

Repayment term: A longer term generally reduces the required monthly payment but can increase the total interest paid.

At the beginning of a typical repayment schedule, a larger portion of each payment goes toward interest. As the outstanding balance decreases, more of each payment goes toward principal.

For a standard fixed-rate loan with monthly payments, the EMI is calculated using this formula:

[
EMI = P \times \frac{r(1+r)^n}{(1+r)^n-1}
]

Where:

P = Principal loan amount

r = Monthly interest rate (annual rate divided by 12)

n = Total number of monthly payments

For example, an annual interest rate of 6% is represented as a monthly rate of 0.5%, or 0.005, when using this standard monthly calculation.

This formula assumes a fixed interest rate and regular monthly payments. Actual lender calculations may use different conventions.

Suppose you borrow $200,000 with the following terms:

With no additional payments, the estimated results are:

Now suppose you pay an additional $100 every month toward the loan principal.

In this example, the extra payments reduce the outstanding balance faster. The loan is paid off 28 months earlier, and the estimated interest is reduced by approximately $19,143.89.

These figures assume a fixed 6% annual rate, monthly compounding using an annual rate divided by 12, end-of-month payments, and extra payments applied directly to principal. The final payment is adjusted to clear the remaining balance.

An extra monthly payment is an amount you pay in addition to your required EMI. When applied to the principal, it reduces the outstanding loan balance faster.

This can have two important effects:

Less total interest: Interest is calculated on the remaining balance, so reducing that balance sooner can lower the interest charged in future months.

Shorter repayment time: Paying extra each month can help you clear the loan earlier than the original repayment schedule.

The actual benefit depends on the loan terms and how the lender applies additional payments. Some lenders may charge prepayment fees or apply extra payments differently.

Not all loan expenses are part of the EMI. This calculator separates different costs to make the estimated borrowing expenses easier to understand.

Upfront fees

Upfront fees are one-time costs associated with taking out a loan. Examples may include an arrangement or processing fee.

The calculator includes these fees in the estimated total loan cost, but does not add them to the loan principal or calculate interest on them.

Other monthly costs

Some loans have recurring expenses in addition to principal and interest, such as insurance or service charges.

You can enter these costs separately. They are displayed alongside the EMI but are not included in the principal-and-interest payment or the loan amortization calculation.

Your actual monthly outlay may therefore be higher than the EMI shown.

A loan amortization schedule is a month-by-month breakdown of how your loan balance changes over time.

For each repayment period, it shows:

Principal paid: The amount that reduces the outstanding loan balance.

Interest paid: The interest charged for that month.

Remaining balance: The amount still owed after the payment.

Reviewing the schedule helps you understand how much of each payment goes toward interest and how quickly you repay the principal. You can also see how extra monthly payments change the repayment timeline and remaining balance.