What it does
The loan EMI calculator works out the arithmetic of a fixed-rate loan repaid monthly:
- Monthly payment (EMI): the same payment each month, for example 2,027.64 on 100,000 at 8% a year over 5 years.
- Totals: the loan amount, the total interest, the total of all payments and the number of payments, plus the last payment when rounding makes it differ from the EMI.
- Repayment schedule: each year or each month, with the payment, how much of it is principal and how much is interest, and the balance left.
The result updates as you type. It calculates; it doesn’t recommend a loan or a lender.
How to use it
- Type the loan amount and the yearly interest rate.
- Type the loan term, and choose whether it’s in years or months.
- Under More options, choose a schedule by year or by month.
- Select Copy result for the payment and totals, or Copy table for the schedule, ready to paste into a spreadsheet.
The calculator remembers your numbers and choices on this device, so they’re there the next time you open the page.
How it’s calculated
The monthly rate r is the yearly rate divided by 1,200, so 8% a year is r = 0.00666667. With the loan amount P and the number of monthly payments n:
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
For 100,000 at 8% over 60 months, that’s 2,027.64. At 0%, the EMI is P ÷ n.
Every amount is in whole cents. The EMI and each month’s interest (the balance × r) are rounded half up to the cent, and the principal part of a payment is the EMI minus that month’s interest. The last payment is the balance left plus its interest, so the principal parts add up to the loan amount exactly and the balance ends at 0. Total interest is the total of payments minus the loan amount.
The calculation assumes a fixed rate for the whole term and one payment at the end of each month. Fees, insurance and taxes aren’t included.
Good to know
- The loan amount can be from 100 to 1,000,000,000,000, and is rounded to whole cents. The rate can be from 0% to 100% a year, in steps of 0.01.
- The term is a whole number of years from 1 to 50, or of months from 1 to 600. Either way, the schedule has at most 600 monthly payments.
- On a small loan over a long term, rounding the EMI up to the next cent can repay it before the term ends. The number of payments then shows the real count, and the result notes the early payoff.
- No currency is assumed: the amounts are in whatever currency you type.
Privacy
Everything is calculated in your browser, on your device. Nothing you type is uploaded. Only your numbers and choices are kept, in this browser’s storage, so the page can show them again.