Free Loan EMI Calculator
Work out the monthly payment on a home, car, business or personal loan, see how much interest you pay over time and how extra payments help you finish sooner.
Loan EMI Calculator: Work out the monthly payment on a home, car, business or personal loan, see how much interest you pay over time and how extra payments help you finish sooner. It is free, needs no sign-up and runs in your browser. How to use it: 1) enter the loan amount and pick your currency; 2) add the yearly interest rate and the loan term; 3) tick extra payments if you plan to pay more; 4) click Calculate EMI and switch the schedule between yearly and monthly. EMI means equated monthly instalment: the same payment every month until the loan is paid off. Part of each payment covers interest on the balance and the rest reduces the balance.
How the loan EMI calculator works
EMI means equated monthly instalment: the same payment every month until the loan is paid off. Part of each payment covers interest on the balance and the rest reduces the balance. Early payments are mostly interest. Later payments are mostly principal.
Formula
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1)
Pis the loan amount.ris the monthly rate, which is the yearly rate divided by 12 and by 100.nis the number of monthly payments.
For example, 100,000 at 10 percent a year for 5 years gives an EMI of about 2,124.70 and total interest of about 27,482.
Extra payments
You can add a fixed extra amount every month and a one-time payment in any month. The tool rebuilds the schedule month by month, so you see the new payoff date, the interest you save and how many months earlier you finish.
Amortization schedule
The yearly view sums each loan year. The monthly view shows every payment with principal, interest and balance. The CSV opens in Excel or Google Sheets.
Limitations
The calculator assumes a fixed rate, monthly payments and no fees. It does not include processing fees, insurance, taxes or late charges, and it does not handle variable rates. Lenders may round payments or count days differently, so your bank statement can differ by small amounts. Everything runs in your browser and works offline. Nothing you type is sent anywhere.
About this tool
The Loan EMI Calculator is built and maintained by the Hayyat Networks team, a digital marketing, SEO and web development agency working with businesses in New York and Lahore since 2016. It is part of our free Everyday Tools collection.
- Last reviewed
- CostFree, no sign-up
- Where it runsRuns in your browser
- Checking resultsThe method and a worked example are shown above, so you can verify every result.
- PrivacyIt runs entirely in your browser: what you type stays on your device and is never sent to us.
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Link to this tool
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<a href="https://hayyatnetworks.com/free-tools/everyday-tools/loan-emi-calculator/">Loan EMI Calculator</a> by Hayyat NetworksLoan EMI Calculator FAQs
How is EMI calculated?
EMI is calculated with the formula P x r x (1 + r)^n divided by ((1 + r)^n minus 1). P is the loan amount, r is the yearly interest rate divided by 12 and by 100, and n is the number of months. The result is a fixed monthly payment that clears the loan and all interest by the end of the term.
Does paying extra reduce my EMI or my loan term?
In this calculator extra payments keep the EMI the same and shorten the loan, which saves the most interest. Some banks offer to lower the EMI instead and keep the term. Ask your lender which option they apply, and check whether your loan has a prepayment penalty before you pay extra.
Why is so much of my early payment going to interest?
Interest is charged on the outstanding balance. At the start the balance is highest, so the interest part of each payment is largest. As you pay down the balance, interest falls and more of the same EMI goes to principal. The monthly schedule shows this shift clearly.
Can I use this for a home, car or business loan?
Yes. Any loan with a fixed rate and equal monthly payments works, including home loans, car loans, personal loans and business loans. Enter the amount, the yearly rate and the term. For interest-only, balloon or variable-rate loans the results will not match your lender.
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