EMI stands for equated monthly instalment: the fixed amount you pay each month until the loan is repaid. It is the same each month, but the share that goes to interest is large at first and shrinks as the balance falls.

How is the payment calculated?

With the standard formula payment = P × i ÷ (1 − (1 + i)^−n), where P is the amount, i is the interest rate for one payment period (the yearly rate divided by the number of payments in a year) and n is the number of payments. With a zero rate the loan is simply divided into equal parts.

Why does paying every two weeks cost less?

More frequent payments reduce the balance sooner, so less interest builds up. The calculator spreads the same term over 26 or 52 smaller payments, so the total interest is lower.

Does this include fees, insurance or a changing rate?

No. It assumes a fixed rate and only the interest and principal you enter. Processing fees, insurance and rate changes on a floating loan are not included, so your lender’s own figures may differ slightly.

Loan EMI Calculator

Work out the EMI, total interest and payment schedule for a loan, with extra payments and weekly or bi-weekly options.

Loan amount

Yearly interest rate (%)

Term, years

Term, extra months

Payment frequency

Extra amount with every payment

Optional. Paid on top of each regular payment.

Payment each month: 1,688.02
Total interest: 256,404.68
Total paid: 506,404.68
Paid off in: 25 years

300 payments. The regular payment is 1,688.02.

Amounts are plain numbers, so use any currency. The payment is rounded to the cent and the last payment clears whatever is left. Nothing you type leaves your browser.

Runs in your browser. Nothing is uploaded.

Remember my last input

What is Loan EMI Calculator?

A loan EMI calculator tells you the fixed payment, known as the EMI or equated monthly instalment, that repays a loan over a set time at a given interest rate. Each payment covers the interest that has built up on the remaining balance and pays down some of the loan itself. Banks use the same formula for home loans, car loans and personal loans, so you can use this to compare offers before you borrow.

Enter the loan amount, the yearly interest rate and the term in years and months, and the calculator gives you the payment, the total interest and the total you will pay, and when the loan will be cleared. Choose monthly, every two weeks or weekly payments to see how a faster schedule changes the cost. Add an extra amount to each payment and the tool shows how many payments and how much interest it saves, which is the quickest way to see what overpaying is worth.

The full payment schedule lists every payment with the split between principal and interest and the balance left, so you can see how slowly the balance falls at the start and how quickly at the end. All money is worked out in whole cents and the final payment clears any rounding, so the balance always ends at exactly zero. Amounts are plain numbers, so any currency works, and nothing you enter leaves your browser.

How to use

Enter the loan amount and the yearly interest rate.
Set the term in years, and extra months if needed.
Choose how often you pay: monthly, every two weeks or weekly.
Optionally add an extra amount to pay with every payment, and see the interest it saves.
Read the payment and totals, and open the full schedule to see each payment.

Example

Input

Loan 500000, rate 10%, 5 years, monthly

Output

EMI 10,623.52, total interest 137,411.38, total paid 637,411.38, 60 payments (the last payment is a few cents higher because it clears the rounding)

Frequently asked questions

What is an EMI?: EMI stands for equated monthly instalment: the fixed amount you pay each month until the loan is repaid. It is the same each month, but the share that goes to interest is large at first and shrinks as the balance falls.
How is the payment calculated?: With the standard formula payment = P × i ÷ (1 − (1 + i)^−n), where P is the amount, i is the interest rate for one payment period (the yearly rate divided by the number of payments in a year) and n is the number of payments. With a zero rate the loan is simply divided into equal parts.
Why does paying every two weeks cost less?: More frequent payments reduce the balance sooner, so less interest builds up. The calculator spreads the same term over 26 or 52 smaller payments, so the total interest is lower.
Does this include fees, insurance or a changing rate?: No. It assumes a fixed rate and only the interest and principal you enter. Processing fees, insurance and rate changes on a floating loan are not included, so your lender’s own figures may differ slightly.