Loan EMI Calculator
Monthly EMI, total interest and a full amortization schedule. Runs in your browser.
About this loan emi calculator
This loan calculator works out your monthly payment (EMI), the total interest and the total you will pay on any fixed-rate loan. It also builds the full month-by-month amortization schedule and shows what extra payments would save.
Use it for a home loan, car loan, personal loan or student loan. Enter the amount, the yearly rate and the term, and the numbers update as you type. A yearly chart shows how each year's payments split between principal and interest, drawn to scale.
You can download the whole schedule as a CSV file for a spreadsheet. Nothing is sent anywhere, so your loan details stay on your device.
Features
EMI with the formula filled in
Your monthly payment, plus the EMI formula with your own principal, monthly rate and number of months, so you can check it.
Full amortization schedule
Every payment with its principal, interest and remaining balance, or a yearly summary. Interest is rounded to the cent each month, like a real statement.
Extra payment scenario
Add a fixed extra amount each month from any payment number, a one-time lump sum, or both. See the months and interest you save.
Principal vs interest chart
Stacked bars for each calendar year on a true-to-scale axis. Hover or tab to a bar for its exact numbers.
CSV download
One click saves the schedule with payment number, month, payment, principal, interest, extra and balance columns.
Handles 0% and odd terms
Interest-free loans, terms in years plus months, and anything from 1 month to 50 years.
How to use the loan emi calculator
- 1Enter the loan amount, yearly interest rate, term and first payment month.
- 2Add an optional extra monthly payment or one-time lump sum.
- 3Read your EMI and totals, then check the schedule or download it as CSV.
When to use it
Comparing loan offers
Run two rates or two terms side by side in separate tabs and compare the total interest, not just the monthly payment.
Deciding on prepayment
See whether an extra 200 a month or a yearly bonus payment cuts years off your mortgage.
Budgeting for a car
Check that the EMI fits your monthly budget before you visit the dealer.
Checking a bank's schedule
Match the bank's figures month by month. Small gaps usually come from fees or a different day count.
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan amount, r is the monthly interest rate (the yearly rate ÷ 12 ÷ 100) and n is the number of monthly payments.
Take 250,000 at 7.5% a year for 20 years. The monthly rate is 0.625% and n is 240, so the EMI comes to 2,013.98. Over 20 years you pay 233,356.92 in interest, almost as much as you borrowed.
At 0% the formula would divide by zero, so the calculator uses P ÷ n instead. A 12,000 interest-free loan over 12 months is exactly 1,000 a month.
Why is most of my early payment interest?
Each month's interest is charged on the balance still owed. At the start the balance is at its highest, so interest takes the biggest share. In the example above, the first payment of 2,013.98 is 1,562.50 interest and only 451.48 principal.
As the balance falls, the interest part shrinks and more of the same EMI goes to principal. The chart shows this as the orange part of each bar getting smaller year by year.
Do extra payments really save that much?
Yes, because every extra amount goes straight to principal and stops interest from building on it for the rest of the term. Adding 200 a month to the 250,000 example ends the loan after 197 payments instead of 240 and saves about 48,665 in interest.
Extra payments early in the loan save the most. Before you prepay, ask your lender about fees and whether they shorten the term or lower the EMI. This calculator assumes the term gets shorter.
Should I choose a longer term for a lower EMI?
A longer term lowers the monthly payment but raises the total interest. The same 250,000 at 7.5% over 30 years costs 1,748.04 a month, about 266 less, but the interest climbs to 379,289.78. That is roughly 146,000 more for the lower payment.
If cash flow is tight, a longer term with planned extra payments gives you flexibility without locking in the full cost.
Why use Mavros
| Mavros | Typical upload sites | |
|---|---|---|
| Schedule | Monthly and yearly, rounded to the cent | Yearly only, or behind a sign-up |
| Extra payments | Monthly extra from any month plus a lump sum | One type, or not offered |
| Chart | Principal and interest per year, true to scale | A pie chart of totals |
| Export | CSV download | Print only |
| 0% loans | Handled | Error or NaN |
| Privacy | Runs in your browser | Inputs used for lead forms |
Tips
- Use the rate from the loan offer, not the advertised "from" rate. The difference matters more than the term.
- If your lender quotes a flat rate, convert it to a reducing balance rate first. A flat rate looks lower but costs more.
- Set the first payment month to see real calendar years in the yearly table and chart.
- To count the months between two dates, such as a loan start and today, the date difference calculator gives the exact figure.
- Need the amount written out for an agreement or cheque? Convert the number to words.
- Use the percentage calculator to see what share of your income the EMI takes. Many lenders want it under about 40%.
Questions
What does EMI mean?
EMI stands for equated monthly installment, the fixed amount you pay each month on a loan. Each EMI covers that month's interest, and the rest reduces the principal.
How do I calculate EMI by hand?
Use EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r as the monthly rate in decimal. For 100,000 at 10% for 12 months, r = 0.008333 and the EMI is 8,791.59.
How much interest will I pay in total?
Total interest is the sum of all payments minus the amount borrowed. The calculator shows it right under the EMI, and the schedule shows how it builds month by month.
Does paying extra reduce my EMI or my term?
Here it shortens the term and keeps the EMI the same, which saves the most interest. Some lenders let you lower the EMI instead. Ask yours which it applies.
Can I calculate a 0% interest loan?
Yes. At 0% the EMI is the loan amount divided by the number of months, and total interest is zero. The last payment absorbs any rounding of a cent or two.
Why is my bank's EMI slightly different?
Banks may round differently, charge a processing fee or insurance in the EMI, or count interest by days rather than months. A gap of a few units usually comes from one of these.
Can I use this as a mortgage calculator?
Yes, for principal and interest. Property tax, insurance and other escrow costs are not included, so add those to the EMI yourself.
Is a flat interest rate the same as this rate?
No. A flat rate charges interest on the original amount for the whole term, while this calculator uses a reducing balance. A 7% flat rate over 3 to 5 years costs about the same as 12.5% to 12.8% on a reducing balance.