Loan and EMI calculator
Enter the amount, the rate and the term, and see the monthly payment, total interest and month by month schedule.
Results
Monthly payment
0.00
The fixed payment each period, also called the EMI.
- Monthly payment
- 0.00
- Total repaid
- 0.00
- Total interest
- 0.00
- Number of payments
- 0
- Final payment date
- -
- With the extra payment you finish
- -
| Payment | Date | Paid | Principal | Interest | Balance |
|---|
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For information only, not financial, tax or legal advice.
Last updated 2026-10-30. Method checked 2026-10-30. Methodology
This calculator works out the fixed monthly payment on a loan, also called the EMI (equated monthly installment), for a personal loan, car loan, business loan or mortgage style loan with a fixed rate. Enter the amount borrowed, the yearly interest rate and the term in months or years. You get the monthly payment, the total you will repay, the total interest, and a schedule showing how much of each payment goes to interest and how much reduces the balance. You can add an extra monthly payment to see how much sooner the loan ends. It uses the standard reducing balance formula used by banks worldwide. It does not know any lender's fees, insurance or rules, so treat the result as a close estimate and compare it with the lender's own figures.
How to use the Loan and EMI Calculator
- Enter the loan amount and choose the currency.
- Enter the yearly interest rate, for example 7.5. Tip: Use the rate the lender quotes as the nominal annual rate. If they only quote an APR that includes fees, the payment will be slightly different.
- Enter the term in years or months, and the start date if you want the schedule to show real months.
- Read the monthly payment, total interest and schedule. Add an extra payment to see the saving.
Worked example
A car loan. All figures are USD.
| Input | Value |
|---|---|
| Loan amount | USD 20,000.00 |
| Yearly interest rate | 7.5% |
| Term | 5 years (60 monthly payments) |
Monthly rate r = 7.5% / 12 = 0.625% = 0.00625 Number of payments n = 60 Payment = 20,000 x 0.00625 x (1.00625)^60 / ((1.00625)^60 - 1) (1.00625)^60 = 1.45329 Payment = 20,000 x 0.00625 x 1.45329 / 0.45329 = USD 400.76 First month: interest 20,000 x 0.00625 = USD 125.00, principal 400.76 - 125.00 = USD 275.76, balance USD 19,724.24 Total repaid: 59 payments of USD 400.76 plus a final payment of USD 400.67 = USD 24,045.51 Total interest: 24,045.51 - 20,000.00 = USD 4,045.51
- Monthly payment
- USD 400.76
- Total repaid
- USD 24,045.51
- Total interest
- USD 4,045.51
- Number of payments
- 60
The final payment is USD 400.67, a few cents lower than the others, so the balance ends at exactly 0. Without that rounding adjustment, 60 payments at the unrounded payment of USD 400.758972 would total USD 24,045.54, which is the textbook figure for the same loan.
How it is calculated
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1)
P is the amount borrowed. r is the interest rate for one payment period, which is the yearly rate divided by 100 and then by the number of payments in a year (12 for monthly). n is the number of payments. The formula assumes a fixed rate, equal payments, and interest charged on the reducing balance, which is how most bank loans in most countries work.
Each period, interest = balance x r, principal paid = payment - interest, and new balance = balance - principal paid. The tool works out the payment to full precision, rounds it once to the currency's decimal places, then builds the schedule with that rounded payment. Interest is rounded once each period. The final payment is adjusted by a few cents so the balance ends at exactly 0, so the schedule total can differ by a few cents from the textbook figure.
If the rate is 0, the payment is P / n and the total interest is 0. If you enter an extra payment, it is applied to the balance after the normal payment, which shortens the term and reduces total interest. The page then shows how many payments you save compared with the same loan without the extra payment.
Weekly and fortnightly loans use 52 and 26 payments a year. The number of payments is the term in months multiplied by the payments per year and divided by 12, rounded to the nearest whole payment. A currency with no minor unit, such as the Japanese yen, is rounded to whole units.
Frequently asked questions
What does EMI stand for?
Equated monthly installment. It is the fixed amount you pay each month so that the loan, plus all the interest, is fully repaid by the end of the term. The term is common in India, Pakistan, the Gulf and South East Asia. In the US and UK, people say "monthly payment" or "monthly repayment". It is the same number.
How is loan interest calculated each month?
On a reducing balance loan, each month's interest is the outstanding balance multiplied by the monthly rate. Early on, the balance is large, so most of the payment is interest. As the balance falls, more of each payment goes to principal. The schedule on this page shows that shift month by month.
Why is the lender's figure slightly different from this calculator?
Common reasons: the lender adds an arrangement fee or insurance to the loan, uses a daily rather than monthly interest calculation, rounds differently, or the first payment date is not exactly one month after the loan starts. Differences of a few units of currency a month are normal. Large differences usually mean a fee has been added to the amount borrowed.
Does paying extra each month save interest?
Yes, on a reducing balance loan. An extra payment reduces the balance, so every later month charges less interest, and the loan ends sooner. Enter an extra payment in the calculator to see the exact payments and interest saved. Check whether your lender charges an early repayment fee first.
What is the difference between the interest rate and the APR?
The interest rate is the cost of borrowing the money itself. The APR (annual percentage rate) adds compulsory fees and expresses the total cost as a yearly rate, so two loans can be compared. This calculator uses the plain interest rate. If you only know the APR and there are no fees, the two are the same.
Guides for this tool
Sources
- Consumer Financial Protection Bureau: what is amortization checked 2026-10-30