Loan EMI Calculator

Before you sign for a loan, know exactly what it will cost every month — and in total. This free loan EMI calculator turns a loan amount, an annual interest rate and a tenure into your fixed monthly payment, the total interest, and a year-by-year split of interest versus principal, so you can compare tenures and pick one you can afford.

Everything is calculated in your browser; your loan details never leave your device. To see the interest as a share of the amount borrowed, use the Percentage Calculator, and the Age Calculator can tell you exactly how old you will be when the loan finally ends.

The EMI formula

EMI stands for Equated Monthly Instalment — the fixed amount you pay every month until a loan is cleared. It comes from the reducing-balance formula: E = P × r × (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 payments. The monthly rate is the annual rate divided by 12 and by 100, so 10% a year means r = 0.008333.

Worked example

Borrow $100,000 at 10% a year for 12 months. Then r = 0.008333 and (1 + r)¹² = 1.104713, so EMI = 100,000 × 0.008333 × 1.104713 ÷ 0.104713 = $8,791.59 a month. You pay $105,499.08 in total, of which $5,499.08 is interest. The calculator shows these steps with your own numbers.

Why early payments are mostly interest

Each month, interest is charged on the balance still owed, so the first payment is mostly interest and only a little principal. As the balance shrinks, the interest part falls and the principal part grows. That is why paying extra early, when the balance is highest, saves the most interest.

Monthly EMI on $100,000 at 10% a year

Doubling the tenure roughly halves the monthly payment, but the total interest more than doubles. A shorter loan costs more each month and far less overall. Before signing, compare two or three tenures here — and use the Percentage Calculator to see the interest as a share of what you borrowed.