Loan & EMI Payment Calculator – Calculate Your Loan Installments Easily

What is the Loan Calculator?

The Loan Calculator gives you the monthly payment (EMI), total interest and total cost of any fixed-rate loan from three inputs: amount, annual interest rate and term. It also builds the full amortisation schedule, showing how much of each payment goes to interest versus principal month by month, and lets you compare two terms or rates side by side. Use it for home loans, car finance, personal loans and education loans. It runs in your browser; no figures are stored.

How to use it

1. Enter the loan amount, the annual interest rate and the term in years or months.
2. Read the monthly payment, total interest and total repaid.
3. Open the schedule to see the split between interest and principal for every month.
4. Change the term or rate to see the effect; a second column keeps the original for comparison.

The formula

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the principal, r is the monthly rate (annual rate divided by 12 and by 100) and n is the number of months. Early payments are mostly interest because interest is charged on the whole outstanding balance; as the balance falls, more of each payment clears principal. That is why paying extra in the first years saves far more than the same amount later. Worked examples, what lenders do not show you (processing fees, rate resets, prepayment penalties) and how to compare offers on total cost are in how loan EMIs are calculated.

Things to check before you sign

• Whether the rate is fixed for the whole term or resets after an introductory period.
• Fees added to the principal, which raise the real rate (the APR).
• Prepayment terms: can you overpay, and is there a penalty?
• What happens to the payment if the rate rises by two points.

Related tools

Work out interest as a percentage with the Percentage Calculator, do the longer arithmetic in the Scientific Calculator, or check what a payment fee costs you with the PayPal Fee Calculator.

Frequently asked questions

Does it handle reducing-balance interest?

Yes; the standard EMI formula is reducing balance. Flat-rate loans, where interest is charged on the original amount throughout, cost much more and are covered in the guide.

Can I add fees?

Add them to the loan amount to see their effect on the payment.

Is this financial advice?

No. It is arithmetic. Compare offers on total cost and read the terms.