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Loan / EMI Calculator

Calculate your Equated Monthly Installment (EMI) for any personal, auto, home, or business loan. Get total interest paid, full amortization schedule, and export to PDF.

Loan Details
$
$500$500K
%
1%36%
years
1 yr30 yrs

Principal vs Total Interest

Remaining Balance Over Time

Guide

How to Use the Loan EMI Calculator

EMI stands for Equated Monthly Installment — the fixed amount you pay to a lender every month until a loan is fully repaid. This calculator works for personal loans, auto loans, student loans, and any fixed-rate installment debt. Here is how to get an accurate estimate.

Select your loan type

Choose the type of loan you are considering from the dropdown. This helps contextualize your results, though the underlying formula is the same for all fixed-rate loan types.

Enter the loan amount

Type the total amount you plan to borrow, or use the slider to explore. The calculator supports values from $500 up to $5,000,000.

Set the interest rate and term

Enter the annual interest rate offered by your lender and the loan term in years. Results update instantly as you adjust either field, so you can compare scenarios in real time.

Review your results

See your monthly EMI, total interest paid, and total repayment amount. The donut chart shows the principal-to-interest ratio, the line chart tracks your declining balance, and the amortization table gives month-by-month detail. Click "Download PDF" to export everything.

Math

Understanding the EMI Formula

The EMI formula calculates a fixed monthly payment that fully repays a loan — both principal and interest — over a specified number of months. It is the same standard amortization formula used by banks and financial institutions worldwide.

EMI = P × r × (1 + r)n ⁄ ((1 + r)n − 1)

EMI = Equated Monthly Installment (your fixed monthly payment)

P = principal loan amount

r = monthly interest rate (annual rate ÷ 12 ÷ 100)

n = total number of monthly installments (years × 12)

A worked example

Suppose you take a $25,000 personal loan at 9.5% annual interest for 5 years. The monthly rate is 9.5 ÷ 12 ÷ 100 = 0.00792, and you make 60 monthly payments. Plugging into the formula: EMI = 25000 × 0.00792 × (1.00792)60 ÷ ((1.00792)60 − 1) = approximately $524.77 per month. Over 60 months you pay a total of $31,486 — meaning $6,486 goes to interest.

How interest front-loading works

Even though your EMI stays constant, the split between principal and interest changes every month. In the first payment on the loan above, roughly $198 goes to interest and $327 goes to principal. By payment 60, only $4 goes to interest and $521 reduces the balance. This front-loading of interest is why making extra payments early in a loan term saves so much money — every extra dollar you pay goes directly to principal, reducing the base on which future interest is calculated.

Special case: 0% interest loans

When the interest rate is zero (common in promotional auto financing), the formula simplifies to EMI = P ÷ n. A $25,000 loan at 0% for 5 years means you pay exactly $416.67 per month with zero interest cost. This calculator handles the 0% case automatically.

FAQ

Frequently Asked Questions