Loan / EMI Calculator

The Loan / EMI Calculator works out what a loan costs you. Enter the amount you are borrowing, the annual interest rate, and the term, and it returns the equated monthly instalment (EMI), the total interest you will pay, the total amount repaid, and the month the loan is cleared. It uses the same standard amortization formula that banks, credit unions, and mortgage lenders use, so the number you see matches the number on the loan offer.

It also builds the full amortization schedule - every single payment, split into the interest portion and the principal portion, with the balance remaining after each one. That schedule is where the real story of a loan lives. On a 30-year mortgage, the first payment can be more than 80% interest, and it takes years before the split flips. You can view the schedule payment by payment or collapsed into a yearly summary, and a principal-versus-interest bar shows at a glance how much of your total repayment is the money you borrowed.

If you add an optional extra monthly payment, the calculator re-runs the schedule and compares it against the base loan, reporting exactly how much interest you save and how many months earlier you finish. Everything runs in your browser: no loan amounts, rates, or balances are ever sent to a server, and the tool keeps working offline once the page has loaded.

Because it is a monthly loan payment calculator for any fixed-rate loan, the loan type only changes what you type in. As a VA loan monthly payment calculator, $350,000 at 6% for 30 years gives a monthly payment (EMI) of 2,098.43 and total interest of 405,433.66. As an equity loan monthly payment calculator, $50,000 at 8.5% over 120 months gives 619.93 a month. An FHA loan monthly payment calculator works the same way, but the mortgage insurance premium is not added, so the figure is principal and interest only.

The figures here assume a fixed rate for the whole term and equal payments, which describes most mortgages and personal loans and does not describe a tracker or a variable rate. Two gaps are worth naming. The monthly payment is the repayment of principal and interest only, so it excludes arrangement fees, insurance and anything else a lender bundles into the total: that is the difference between the interest rate and the APR, and the APR is the number to compare offers on. And extra payments are assumed to reduce the principal immediately, which is standard but not universal, since some lenders hold overpayments until the next scheduled date or charge for early repayment. Check the terms before relying on the savings figure.