Loan & EMI Calculator

A loan calculator finds the equal monthly payment, sometimes called the EMI, needed to repay a loan over a fixed term at a fixed interest rate. It uses the standard amortisation formula, then simulates every payment to confirm the balance reaches zero, and shows the total interest and how the balance falls each year.

Try:

How to use the loan & emi calculator

  1. Enter the loan amount.
  2. Enter the annual interest rate and the term in years.
  3. Press Calculate to see the monthly payment and totals.

Formula

M=P i(1+i)n(1+i)n−1M = P\,\frac{i(1+i)^n}{(1+i)^n - 1}

Worked example: Mortgage 200,000 at 6.5% for 25 years

  • Loan amount: 200000
  • Annual interest rate (%): 6.5
  • Term (years): 25

✓ Answer checked

Monthly payment≈1,350.41\text{Monthly payment} \approx 1{,}350.41
Number of payments
300
Total repaid
405,124.30
Total interest
205,124.30
0500001000001500002000000: 20000001: 196697.80150912462: 193174.4486696352523: 189415.13036522694: 185404.0435517052545: 181124.326825739066: 176557.9895445886467: 171685.836198851328: 166487.3857203095789: 160940.785385676410: 155022.71895431491011: 148708.308653771112: 141971.010601095861213: 134782.5032203398614: 127112.568187160711415: 118928.9634000703516: 110197.287444331651617: 100880.8349787510518: 90940.442437456861819: 80334.3233980399220: 69017.892923993792021: 56943.58014304282622: 44060.62827349362223: 30314.88125798103324: 15648.5561076811032425: 0
Balance still owed at the end of each year. It falls slowly at first, because early payments are mostly interest.
Step-by-step working (3 steps)

  1. Monthly rate and number of payments

    Divide the yearly rate by 12 and multiply the years by 12.

    i=6.5%12=0.0054166667,n=300i = \frac{6.5\%}{12} = 0.0054166667,\quad n = 300

  2. Payment formula Amortisation formula

    The standard formula for equal monthly repayments (amortisation).

    M=P i(1+i)n(1+i)n−1≈1350.4143M = P\,\frac{i(1+i)^n}{(1+i)^n - 1} \approx 1350.4143

  3. Totals

    Multiply the payment by the number of payments.

    1350.4143×300≈405124.31350.4143 \times 300 \approx 405124.3
Formulas used
M=P i(1+i)n(1+i)n−1M = P\,\frac{i(1+i)^n}{(1+i)^n - 1}
How this was checked
  • ✓ Simulating every monthly payment pays the loan off exactly to 0, and the interest adds up.

Fixed rate, monthly payments, no fees. Not financial advice.

Frequently asked questions

What does EMI mean?

Equated monthly instalment: the same payment every month, covering both interest and part of the loan.

Why does the balance fall slowly at first?

Early payments are mostly interest, because interest is charged on a large balance. Later, more of each payment repays the loan.

Is this financial advice?

No. It is a maths tool. Real loans may include fees or variable rates.

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