Loan & EMI Calculator
Calculate your monthly loan payment (EMI), the total interest you will pay and see the full month-by-month schedule.
Amortization schedule
| Month | Payment | Principal | Interest | Balance |
|---|
Formula
P = loan amount, r = monthly rate (annual / 12), n = number of months
What is an EMI?
EMI stands for equated monthly installment: a fixed payment made every month until the loan is repaid. Each payment covers the interest for that month and part of the principal. Early payments are mostly interest, and the share going to principal grows over time.
Example
A $20,000 loan at 7.5% for 5 years has a monthly payment of about $400.76. Over 60 payments you repay roughly $24,046, so the total interest is about $4,046.
Frequently asked questions
How is EMI calculated?
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments.
Does a shorter term save money?
Yes. A shorter term means higher monthly payments but much less total interest, because you owe the principal for fewer months.
Does this include fees or insurance?
No. The calculator uses the loan amount, interest rate and term only. Add any lender fees separately for the full cost of borrowing.
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