Loan EMI Calculator
What the loan really costs: the monthly payment, the total interest, and how much faster it ends if you pay a little extra.
Result
Amortisation schedule
Every payment, split into interest and principal, with the balance falling to zero.
Outstanding balance
Where your money goes
| Period | Payment | Principal | Interest | Balance |
|---|
What this calculator does
An equated monthly instalment — EMI — is a fixed payment that clears both interest and principal over the life of a loan. The payment never changes, but what it is doing changes completely. In the first year most of it is interest. By the last year almost all of it is principal. That shift is why overpaying early is worth so much more than overpaying late.
This calculator shows the payment, the total interest, and the full schedule month by month. Add an optional extra payment and it recalculates the whole thing, telling you how many months you would cut off and how much interest you would never pay. You can export the schedule to CSV and open it in Excel or Google Sheets.
How to use it
- Enter the amount you are borrowing and pick your currency — it is remembered for next time.
- Type the annual interest rate exactly as the lender quotes it, for example 5.5 rather than 0.055.
- Set the term in years, adding extra months if the term is not a whole number of years.
- Optionally add an extra monthly payment and a first payment date. The schedule below fills in with real dates, and the summary shows what overpaying saves.
The formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = principal (amount borrowed)
r = monthly interest rate = annual rate ÷ 12 ÷ 100
n = number of monthly payments
Each month:
interest = outstanding balance × r
principal = payment − interest
balance = balance − principal
When the rate is zero the formula collapses to P ÷ n, which the calculator handles as a special case.
Worked examples
| Scenario | What you enter | Result |
|---|---|---|
| $250,000 at 5.5% over 30 years | Standard mortgage | $1,419.47/month · $261,009 interest |
| $25,000 car loan at 7.9% over 5 years | Car finance | $505.71/month · $5,343 interest |
| AED 800,000 at 4.25% over 25 years | Dubai property | AED 4,333.90/month · AED 500,171 interest |
| The same mortgage with $200 extra a month | Overpayment | Clears 7 years 7 months early, saves $75,616 |
| $10,000 interest-free over 24 months | 0% finance | $416.67/month · no interest |
Frequently asked questions
An equated monthly instalment is a level payment that repays a loan in full over an agreed term. Every instalment is identical, but the split inside it moves: early payments are mostly interest because the balance is large, and later ones are mostly principal. The term is standard in South Asia and the Gulf; in the US and UK the same thing is usually just called the monthly payment.
Because interest is charged on what you still owe, and at the start you owe almost everything. On a $250,000 mortgage at 5.5%, the first month's interest alone is about $1,146 of a $1,419 payment — leaving roughly $273 against the balance. Each month the balance falls slightly, so slightly less goes to interest and slightly more to principal. The crossover usually comes somewhere past the halfway point of the term.
More than most people expect, because every extra pound goes straight against the principal and stops earning interest for the rest of the term. On a $250,000 mortgage at 5.5% over 30 years, an extra $200 a month clears the loan seven years and seven months early and saves about $75,600 in interest — a return no savings account will match. Enter a figure in the extra payment field to see your own numbers.
No — it calculates the principal and interest only. Real mortgage payments often bundle in property tax, building insurance and mortgage insurance, and lenders may charge arrangement or processing fees of one to two percent up front. Ask for the APR, which folds compulsory fees into a comparable rate, rather than comparing headline rates alone.
A fixed rate keeps your payment the same for a set period, so this calculator describes it exactly. A variable or floating rate moves with a benchmark, so your payment changes over the term. To stress-test a variable loan, run the calculation again two or three percentage points higher and check that the payment would still be comfortable.
Yes. The mathematics is identical for any equal-instalment loan — mortgage, car finance, personal loan or student loan. Only the typical amounts and terms differ. One caution: some car and store finance uses flat-rate interest, which charges interest on the original amount for the whole term and works out considerably more expensive than the same headline rate here.
One row per payment, with the payment number, date if you supplied a start date, the payment amount, and how it splits between principal and interest, plus the remaining balance. It opens directly in Excel, Numbers or Google Sheets. Useful if you want to model overpayments yourself or keep a record alongside your statements.
No. Every figure stays in your browser — there is no server call, no account, and no analytics service watching what you type. That matters more here than on most calculators, because loan amounts and salaries are exactly the sort of data that gets harvested. If you share a link, your numbers travel inside the link itself, so only the person you send it to sees them.
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