About this tool
This Loan and EMI Calculator helps you understand the real cost of borrowing before you commit. Enter the loan amount, annual interest rate, and repayment term, and it immediately calculates your fixed monthly installment (EMI), the total interest you'll pay over the life of the loan, and the combined total cost. It also builds a detailed amortization schedule showing how each payment splits between principal and interest over time, plus a visual Principal-vs-Interest breakdown. This is useful for comparing offers from different lenders, planning a mortgage or auto loan budget, or seeing how an extra monthly prepayment would shorten your term and cut interest. All math runs instantly in your browser using the standard reducing-balance EMI formula used by banks.
How to use
- 1
Enter Loan Amount
Type the total principal amount you plan to borrow.
- 2
Set Interest Rate & Term
Enter the annual interest rate (%) and the loan tenure in years or months.
- 3
Review Your Schedule
See your monthly EMI, total interest, and the full payment breakdown by period.
Features
- Calculates your exact monthly installment (EMI)
- Shows total interest payable and overall loan cost
- Visual Principal vs. Interest breakdown
- Flexible repayment term entered in years or months
- Optional extra monthly prepayment simulation
- Full monthly and yearly amortization schedule table
Tips & common mistakes
- •Always compare the "total interest" figure, not just the monthly EMI, when comparing two loan offers with different terms — a lower EMI over a longer term can cost more overall.
- •Try adding a small extra monthly prepayment to see how much it shortens your total loan term and reduces interest paid.
- •Interest rates are annual by convention; the calculator converts this to a monthly rate internally, so don't enter a pre-divided monthly rate yourself.
- •Double-check whether your lender quotes a flat rate or a reducing-balance rate — this calculator uses the standard reducing-balance method most banks use for EMI loans.
Equated Monthly Installment (EMI) Formula
This is the standard reducing-balance formula used by banks for mortgages, auto loans, and personal loans.
EMI = [P × R × (1 + R)^N] / [(1 + R)^N − 1]- •P = Principal loan amount
- •R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- •N = Loan tenure in months