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Loan / EMI Calculator

Enter a loan amount, an annual interest rate and a term to see the equal monthly instalment (EMI), the total interest and the total you will repay, with a year-by-year summary and a full monthly repayment schedule that you can download as a CSV file. The calculation runs in your browser.

Calculate a loan payment

%

Enter 0 for an interest-free loan.

years
Term in

Enter the amount, rate and term to see the payment. Limits: up to 10,000,000,000, 100% a year, 50 years.

How to use it

  1. Enter the loan details

    Type the amount you borrow, the yearly interest rate in percent and the term. Choose years or months for the term.

  2. Check the monthly payment

    The monthly payment, total interest and total to repay appear straight away.

  3. Look at the schedule

    The year-by-year table shows how much of each year's payments goes to principal and interest and what is still owed. Tick “Show every monthly payment” for the full table, or download it as a CSV file for a spreadsheet.

Example: 250,000 over 25 years at 6.5%

The monthly rate is 6.5% ÷ 12 and there are 300 payments. The monthly payment comes to about 1,688.02 and the total repaid to about 506,405, so roughly 256,405 of it is interest. Early payments are mostly interest; the balance falls slowly at first and faster later.

How the payment is worked out

The calculator uses the standard formula for a fixed-rate loan with equal monthly payments made at the end of each month.

Terms used in the loan calculation
TermMeaning
Monthly rate rThe yearly rate divided by 12 and by 100, so 6% a year is 0.005.
Payment (EMI)Loan × r ÷ (1 − (1 + r)^−n), where n is the number of monthly payments. With a 0% rate it is the loan divided by n.
Interest each monthThe balance at the start of the month times r, rounded to the cent.
Principal each monthThe payment minus that month's interest. The last payment is adjusted so the balance ends at exactly zero.

Limits and limitations

  • The amount can be up to 10,000,000,000, the rate up to 100% a year and the term up to 50 years (600 months).
  • Fees, insurance, taxes, balloon payments, extra repayments, offset accounts and rate changes are not included. Variable-rate loans cannot be predicted by a fixed-rate calculation.
  • Some lenders work out interest daily or round differently, so a real statement can differ by a small amount.
  • This is an estimate for planning, not a loan offer or financial advice. Check the figures with your lender.

Frequently asked questions

Are my loan details stored or sent anywhere?

No. The amounts you enter is processed by JavaScript running in your browser and is not sent to a server. The page itself still loads from a web server like any website. This site can load advertising or analytics scripts, but only after you accept them in the cookie notice. They are separate from the tools, which never pass the files or text you work with to them.

What does EMI mean?

EMI stands for equated monthly instalment: a fixed payment made every month that covers the interest and part of the principal until the loan is repaid.

Why is most of my early payment interest?

Interest is charged on the balance still owed, which is highest at the start. As the balance falls, more of each equal payment goes to principal.

Can I use it for a mortgage or car loan?

Yes, for a fixed-rate loan with monthly payments. For a mortgage, remember that property taxes, insurance and fees are not included.

What do I enter for an interest-free loan?

Enter 0 as the rate. The payment is then simply the amount divided by the number of months.

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