Loan & EMI calculator
Borrowing is easy to agree to and hard to picture. This calculator turns a loan amount, an interest rate and a term into the two numbers that actually matter: what leaves your account each month, and what the loan costs you in total before it is gone.
How to use the loan & emi calculator
- Enter the amount you are borrowing and pick your currency.
- Add the annual interest rate your lender quoted, and the term in years or months.
- If you plan to overpay, put the extra monthly amount in the last field — the schedule reflects it immediately.
How it works
The monthly instalment comes from the standard amortization 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 twelve) and n is the number of payments. Every instalment is the same size, but its split changes: early payments are mostly interest, later ones mostly principal.
That is why overpaying early is so effective. An extra amount goes straight against the balance, so every future month accrues interest on a smaller number. The year-by-year table below the result shows exactly how much principal and interest you clear in each year, and what is still outstanding at the end of it.
Common questions
Does this include fees and insurance?
No. It calculates principal and interest only. Processing fees, credit insurance and late charges are set by your lender and should be added separately when comparing offers.
What is the difference between EMI and monthly payment?
None — EMI, or equated monthly instalment, is the term used in South Asia and the Middle East for the fixed monthly payment on an amortizing loan.
Why does a small rate change cost so much?
Interest compounds over every remaining month. On a long term, half a percentage point can add years' worth of a payment to the total, which is why the total interest line is worth checking before you sign.