Loan & EMI Calculator
Calculate your monthly loan payment, total interest, and full repayment schedule.
Loan / EMI Calculator
Your Result
How Loan Payments Are Calculated
This calculator uses the standard amortization formula to work out a fixed monthly payment that pays off the loan's principal and interest by the end of the term. This is the same method used for mortgages, auto loans, personal loans, and most EMI (Equated Monthly Installment) schedules.
Formula
M = P × [r(1+r)n] ÷ [(1+r)n − 1]
Where M is the monthly payment, P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments.
Frequently Asked Questions
What does EMI stand for?
EMI stands for Equated Monthly Installment — a fixed payment amount made every month toward a loan until it is fully repaid.
Does this include taxes, insurance, or fees?
No, this calculator estimates principal and interest only. Mortgages and some loans may include additional costs like taxes, insurance, or origination fees.
Why is most of my early payment interest?
In an amortizing loan, interest is calculated on the remaining balance, which is highest at the start, so early payments include more interest and later payments include more principal.