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Loan EMI Calculator
Work out the monthly EMI on a personal, car, home or education loan, plus the total interest you pay and the full repayment schedule.
Enter the loan amount, interest rate and tenure. Add an optional extra monthly payment to see how much sooner the loan closes. Everything is calculated in your browser and nothing is stored.
Your loan
The principal you borrow
The rate your lender quotes
Decimals allowed, e.g. 2.5
Paid on top of the EMI every month
At 9% over 5 yr, you repay $1,245,501.31 in total — $245,501.31 of it interest.
Monthly EMI
$20,758.36
Paid every month for 5 yr.
- Principal
- $1,000,000.00
- Total interest
- $245,501.31
- Total payment
- $1,245,501.31
- Interest as % of loan
- 24.55%
Estimates based only on the numbers you entered. Processing fees, insurance and other charges are not included.
Track your real loansA free Finwise account tracks loan balances, EMIs and how they affect your net worth.
Outstanding balance over time
The balance falls slowly at first because early installments are mostly interest.
Amortisation schedule
How each payment splits between interest and principal, and what is left to repay.
Year 1
- Paid
- $249,100.32
- Interest
- $83,270.23
- Principal
- $165,830.02
- Balance
- $834,169.98
Year 2
- Paid
- $249,100.32
- Interest
- $67,714.23
- Principal
- $181,386.03
- Balance
- $652,783.95
Year 3
- Paid
- $249,100.32
- Interest
- $50,698.98
- Principal
- $198,401.29
- Balance
- $454,382.67
Year 4
- Paid
- $249,100.32
- Interest
- $32,087.58
- Principal
- $217,012.69
- Balance
- $237,369.98
Year 5
- Paid
- $249,100.32
- Interest
- $11,730.30
- Principal
- $237,369.99
- Balance
- $0.00
How loan EMIs work
Almost every retail loan — personal, car, home or education — is repaid on a reducing-balance basis. The installment stays the same, but what it buys changes every month.
- 1. Interest first. Each month the lender charges interest on the outstanding balance at one twelfth of the annual rate.
- 2. The rest repays principal. Whatever is left of the EMI reduces the balance, so next month's interest is slightly lower.
- 3. Longer tenure, smaller EMI, more interest. Stretching the tenure lowers the monthly payment but raises the total interest, because the balance stays high for longer.
- 4. Extra payments compound backwards. Anything paid above the EMI comes straight off the principal, which removes all the future interest that balance would have earned.
Loan EMI calculator FAQ
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