Loan EMI Calculator
Calculate the monthly payment on a loan, the total interest, and how the first year splits between interest and principal.
Your result will appear here as soon as you add some input.
How to use it
- 1Enter your values in the fields above.
- 2The answer and the working appear immediately below.
- 3Check the working to see the formula with your numbers substituted.
Formulas used
- M = P x r x (1 + r)^n / ((1 + r)^n - 1)
- r = annual rate / 12 / 100
- n = years x 12
About the Loan EMI Calculator
The payment is the amount that exactly clears the balance over the term, given that interest accrues on whatever is still outstanding. It is the standard amortising formula used by every lender.
The schedule shows why early payments feel like they achieve nothing: interest is charged on the outstanding balance, which is at its largest at the start, so in the first year most of each payment is interest.
That is also why overpaying early is so effective. A payment made in year one removes interest for the entire remaining term; the same payment in the final year removes almost none.
Real loans add fees, insurance and sometimes a different compounding convention, so treat the figure as the interest-only baseline rather than a quote.
Questions people ask
Is your figures uploaded to a server?
No. This tool runs entirely in your browser using standard web APIs, so your figures never leaves your device. You can confirm it by opening your browser's network panel while the tool runs, or by disconnecting from the internet after the page has loaded.
Is it free, and do I need an account?
Yes, it is free, and there is no account, no sign-up and no watermark on the result. The project is funded by optional donations.