EMI / Loan Calculator
Use this free online EMI / Loan Calculator to estimate the monthly repayment, total interest paid and full amortisation schedule for any personal, car or home loan. It is useful for borrowers comparing offers from different lenders, mortgage brokers explaining repayment splits, and anyone trying to work out whether a loan fits their household budget. Enter the loan amount, annual interest rate and term in years — the calculator returns the equated monthly instalment plus a row-by-row breakdown showing how much of each payment goes to principal versus interest over the life of the loan. Everything runs in your browser, with no sign-up.
EMI Formula
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P is the principal amount, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the number of monthly installments.
This calculator provides general estimates only. Results may vary depending on your personal circumstances, current tax rules, fees, deductions, interest rates, and other factors. It should not be treated as financial, tax, legal, or professional advice.
How to Use This EMI / Loan Calculator
Estimating a loan repayment is quick — enter three numbers and the calculator does the maths.
- Enter the loan principal — the amount you plan to borrow.
- Enter the annual interest rate as a percentage (the lender's headline rate).
- Enter the loan term in years.
- Click Calculate to see the monthly EMI, total interest, and total repayment.
- Scroll through the amortisation table to see how the principal and interest split changes over time.
Example Calculation
If you borrow $20,000 at 7% annual interest over 5 years, the calculator returns a monthly EMI of around $396. Total interest paid across the loan is approximately $3,761, and total repayment (principal plus interest) comes to about $23,761. The amortisation schedule shows that the very first payment splits roughly $279 to principal and $117 to interest, gradually shifting toward more principal each month.
How This EMI / Loan Calculator Works
EMI stands for Equated Monthly Instalment — a fixed payment that covers both interest and principal so the loan is fully paid off by the end of the term. The calculator uses the standard EMI formula: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate divided by 12 and then by 100), and n is the total number of monthly payments. Early in the term most of each payment goes to interest because the outstanding balance is high; later, more goes to principal as the balance shrinks. The amortisation schedule shows that shift month by month so you can see the cross-over point. Total interest is the sum of every monthly interest portion, and total repayment is the EMI multiplied by the number of payments. The figures are estimates — real loans may include establishment fees, monthly account fees, redraw or offset features, and rate changes if the loan is variable. Use the calculator for comparison shopping, then check the lender's official Key Facts Sheet before committing.
Last updated: May 2026. This calculator provides estimates only and should not be treated as financial, tax, or legal advice.
Frequently Asked Questions
What is the EMI formula?
EMI = P × R × (1+R)^N / ((1+R)^N − 1), where P is the loan amount, R is the monthly rate, and N is the total number of monthly payments.
Does a longer loan tenure mean a smaller EMI?
Yes — a longer tenure spreads the principal over more months, lowering each payment. But total interest paid increases significantly, so the cheaper EMI costs more overall.
How can I reduce my EMI?
Make a larger down payment to reduce the principal, negotiate a lower interest rate, or extend the tenure (knowing total interest will rise).
Is EMI the same for fixed-rate and floating-rate loans?
For fixed-rate loans, EMI stays constant. For floating-rate loans, the EMI may change when the benchmark interest rate changes.
Can I prepay the loan to save interest?
Most lenders allow prepayment, sometimes with a fee. Prepaying reduces the principal, which cuts interest sharply — especially when done early in the loan.
This calculator provides general estimates only. Results may vary depending on your personal circumstances, current tax rules, fees, deductions, interest rates, and other factors. It should not be treated as financial, tax, legal, or professional advice.