Loan & EMI Calculator
Monthly payment, total interest, and a full amortization schedule.
The nominal APR quoted by the lender, before fees.
Monthly payment
$501
for 60 months
Amortization schedule
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $4,282 | $1,730 | $20,718 |
| 2 | $4,614 | $1,397 | $16,104 |
| 3 | $4,972 | $1,039 | $11,132 |
| 4 | $5,358 | $653 | $5,774 |
| 5 | $5,774 | $237 | $0 |
How the Loan & EMI Calculator works
This calculator uses the standard amortizing-loan formula, the same one banks use for personal loans, car loans, and most fixed-rate borrowing. Every payment is split between interest on the outstanding balance and principal that actually reduces what you owe — early payments are mostly interest, later ones mostly principal.
Not financial advice. This calculator is for planning and illustration, not financial advice. Real products carry fees, taxes, and terms it does not model. Confirm figures with your lender or a qualified adviser before committing.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. The result is a fixed payment that clears both interest and principal by the end of the term.
Does a longer loan term save me money?
No. A longer term lowers the monthly payment but increases total interest, often substantially. Stretching a 5-year loan to 7 years can cost 40-50% more interest overall even at the same rate. Use the term slider here to compare before committing.
What is an amortization schedule?
It is the payment-by-payment breakdown of how much of each instalment goes to interest versus principal, and what balance remains. It shows exactly when you cross the point where most of your payment starts reducing the debt.
Does this include fees or insurance?
No. It calculates principal and interest only. Origination fees, processing charges, and loan insurance are added separately by the lender, so your real cost may be slightly higher than shown.