EMI Calculator
Work out the monthly instalment on a loan, the total interest, and a full month-by-month amortisation schedule that ends at exactly zero.
Monthly instalment
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Enter the loan details.
Repayment schedule
| Year | Paid | Interest | Capital | Balance |
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All Calculators tools →This tool runs entirely in your browser. Nothing you enter is sent to our servers, so there is nothing for us to store or see.
About the EMI Calculator
Enter the loan amount, the annual interest rate and the term, and get the equated monthly instalment along with what the loan costs in total. The full month-by-month schedule shows how each payment splits between interest and capital, and how the balance falls.
The schedule is the part worth checking in any loan calculator. Because each instalment is rounded to whole currency units, the balance never lands exactly on zero by itself — so the final payment absorbs the difference, which is what lenders actually do. A schedule that ends at minus three pence is a schedule nobody has looked at.
Two numbers are shown that most calculators leave out. The share of your payments that is interest compares a short expensive loan against a long cheap one far better than the headline rate does. And the affordability figure works the formula backwards: given what you can pay each month, how much can you borrow?
Zero-rate finance is handled properly rather than dividing by zero, because interest-free instalment plans are common in retail credit and a calculator that returns NaN for them is not much use.
How to use the EMI Calculator
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Enter the loan amount
Thousands separators are fine — 100,000 and 100000 are read the same way. The currency is up to you; the arithmetic is the same.
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Enter the annual rate
Use the yearly rate as quoted, not the monthly one. The tool divides by twelve itself, which is the convention lenders use.
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Set the term
In months or years, up to fifty years. The instalment falls as the term lengthens, and the total interest rises — both are shown so you can see the trade.
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Read the schedule
Switch between the monthly and yearly views. On a long loan the yearly view is the readable one; the monthly view shows how little of an early payment touches the capital.
Frequently asked questions
What does EMI stand for?
Equated Monthly Instalment — a fixed payment made each month that covers both interest and capital, calculated so the loan is exactly repaid at the end of the term. Early payments are mostly interest, and the proportion shifts towards capital as the balance falls. The term is used most widely in India, but the calculation is the same as any fixed-rate repayment loan.
Why is so much of my early payment interest?
Because interest is charged on the balance outstanding, and at the start that balance is the whole loan. On a 25-year mortgage at 5%, roughly two thirds of the first payment is interest. The schedule makes this visible, which is why it is worth looking at before committing to a long term.
How is the total interest calculated?
It is the instalment multiplied by the number of months, minus the amount borrowed. Everything you pay beyond the principal is interest. The tool also shows this as a percentage of total payments, which is the fairest way to compare loans of different lengths.
Does this account for fees, insurance or a changing rate?
No. It calculates a fixed-rate loan with no arrangement fee, no insurance and no early repayment charge. Real offers frequently include those, which is why the APR quoted on a loan is usually higher than the interest rate. Use this for the repayment shape and read the offer for the total cost.
Are my figures sent anywhere?
No. Everything is calculated in your browser and nothing is transmitted or stored. What you are borrowing and what you can afford each month is financial information, and it has no business leaving your device to do arithmetic.