Loan & EMI Calculator
Calculate monthly payments (EMI), interest totals, and payoff balance on any loan.
Total repayment includes loan principal plus accrued interest.
Loan Amortization Schedule
Breakdown of payments across principal, interest, and remaining balance over time.
| Period | Starting Balance | Principal Paid | Interest Paid | Extra Principal | Ending Balance |
|---|
How to Calculate Loan EMI & Payments
- Enter the principal loan amount you intend to borrow.
- Input the annual interest rate offered by the lender (e.g., 6.5%).
- Set the loan tenure in years or total months.
- The calculator computes your fixed Equated Monthly Installment (EMI), total interest, and total repayment amount instantly.
Amortization Formula & Computational Logic
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Monthly Payment (EMI):
EMI = P × [ r(1 + r)ⁿ ] / [ (1 + r)ⁿ - 1 ] -
Variables:
P= Principal balance,r= Periodic monthly rate (Annual Rate / 12 / 100),n= Total number of monthly installments. -
Total Interest:
Total Interest = (EMI × n) - P -
Total Repayment:
Total Amount = P + Total Interest
Worked Numerical Solution
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Standard 5-Year Auto/Personal Loan:
Principal:$25,000| Interest Rate:6.5%| Term:5 years (60 months).
Monthly EMI:$489.15.
Total Interest:$4,349.22.
Total Repayment:$29,349.22.
Common Use Cases
- Comparing auto financing versus bank personal loans before signing.
- Evaluating mortgage down payment scenarios to minimize interest expense.
- Restructuring debt and consolidating credit card balances.
Key Computational Assumptions & Rounding Policy
- Fixed interest rate throughout the entire loan duration with zero mid-term rate shifts.
- Monthly compounding coinciding with periodic payment dates.
- Rounding Policy: Monthly EMI displays rounded to two decimal places ($0.00) for standard banking format, while cumulative total repayment is calculated using unrounded intermediate payment values to guarantee exact mathematical consistency.
Frequently Asked Questions
What is an Equated Monthly Installment (EMI)?
An EMI is a fixed periodic sum paid by a borrower to a lender on a set date each calendar month, covering both principal reduction and accrued interest.
How does a shorter loan tenure affect payments?
A shorter loan tenure increases your monthly payment but drastically lowers the total interest paid over the life of the loan.
Are loan inputs stored or sent to any banks?
No. All calculations run strictly in your web browser. Your financial figures remain entirely on your device.
Informational Notice: This calculator provides mathematical estimates for educational planning only and does not constitute an official loan offer or financial advice. Lending fees, closing costs, credit scores, and property taxes may affect final institutional loan terms.