Loan calculator
Type the amount, the rate and the term. You get the monthly payment, the total interest and the month-by-month schedule. This is the same figure a bank calls the EMI.
All calculations happen in your browser. Nothing you enter is saved or sent anywhere. See the privacy page.
Month-by-month schedule
| Month | Principal | Interest | Balance |
|---|
Questions people ask
How is the monthly loan payment worked out?
With the usual amortizing loan formula:
payment = P × i × (1+i)^n / ((1+i)^n − 1).
P is the amount borrowed, i is the monthly rate (yearly rate ÷ 12 ÷ 100),
n is the number of months. Borrow 100,000 at 12% for 10 years: i = 0.01, n = 120,
payment = 1,434.71 a month.
Why is nearly all of my first payment interest?
Interest is charged on what you still owe, so it is biggest at the start. The payment stays the same every month, so as the balance drops the interest part shrinks and the principal part grows. The schedule above shows the split for every month.
Is EMI the same as the monthly payment shown here?
Yes. EMI stands for equated monthly instalment, the fixed amount you pay each month until the loan is cleared. It comes from the same formula, so this page works as an EMI calculator. Your lender's figure can still differ by a little if it adds fees or insurance or rounds differently.
Not financial advice. This calculator is for information only. The results are estimates. Real loans add fees, insurance and their own rounding rules. Check any figure that matters with your lender.