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Loan / EMI Calculator

Enter the loan amount, rate and term to get your monthly payment and a full year-by-year breakdown.

Runs entirely in your browser. Nothing you enter is uploaded or stored.

Monthly payment
$1,896.20
Total interest
$382,633
Total paid
$682,633
Payoff time
30 yrs

Yearly breakdown

YearPrincipal paidInterest paidRemaining balance
1$3,353$19,401$296,647
2$3,578$19,177$293,069
3$3,817$18,937$289,252
4$4,073$18,681$285,179
5$4,346$18,409$280,833
6$4,637$18,118$276,196
7$4,947$17,807$271,249
8$5,279$17,476$265,970
9$5,632$17,122$260,338
10$6,009$16,745$254,328
11$6,412$16,343$247,916
12$6,841$15,913$241,075
13$7,299$15,455$233,776
14$7,788$14,966$225,987
15$8,310$14,445$217,677
16$8,866$13,888$208,811
17$9,460$13,294$199,351
18$10,094$12,661$189,257
19$10,770$11,985$178,487
20$11,491$11,263$166,996
21$12,261$10,494$154,735
22$13,082$9,673$141,653
23$13,958$8,797$127,695
24$14,893$7,862$112,803
25$15,890$6,864$96,912
26$16,954$5,800$79,958
27$18,090$4,665$61,868
28$19,301$3,453$42,567
29$20,594$2,161$21,973
30$21,973$781$0
Also try:Mortgage Calculator

How to use the Loan / EMI Calculator

  1. 1Enter the loan amount, the annual interest rate, and the term in years.
  2. 2Read your monthly payment, total interest and total repaid above the table.
  3. 3Tick "Add an extra monthly payment" to see how much sooner the loan would be paid off, and how much interest that saves.
  4. 4Scroll the yearly breakdown to see how much of each year's payments go to interest versus principal.

The formula

A fixed-rate loan is repaid with the same payment every month for its whole term: that fixed amount is what “EMI” refers to. It’s calculated from the loan amount, the monthly interest rate and the number of payments:

EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)

where P is the loan amount, r is the interest rate per month (the annual rate ÷ 12 ÷ 100), and n is the number of monthly payments (years × 12). It’s the standard formula used by every bank, and every other loan calculator you’ll find: the same maths, just presented differently.

Why the interest-to-principal split changes every month

Interest is charged only on the balance still owed, recalculated fresh each month. In month one of a 30-year loan, almost the entire balance is still outstanding, so most of the fixed payment goes to interest, with only a small piece paying down principal. Twenty years in, most of the original balance is gone, so the same fixed payment now goes mostly to principal.

This is why a loan’s balance barely moves in the early years even though you’re paying faithfully every month: it’s completely normal, not a sign anything is wrong.

What paying extra actually does

Every dollar (or rupee, or euro) paid beyond the required payment goes straight to principal, and principal you no longer owe never accrues interest for the rest of the loan. That compounds: paying down the balance faster now means every future month charges interest on a smaller number too.

That’s why a fairly modest extra payment can save a disproportionate amount of interest and cut real years off a long loan: the savings come from every month you don’t pay interest on money you no longer owe, not just from the extra payment itself.

Reading the yearly table

Each row sums twelve months of payments into one line: how much of that year went to principal, how much to interest, and what’s left owed at the end of the year. Early rows lean heavily toward interest; later rows flip the other way. The last row always ends at a balance of exactly zero: the loan paid off in full, on schedule.

Questions

What's the difference between EMI and a loan payment?
Nothing: EMI (Equated Monthly Installment) is simply the term used for a fixed monthly loan payment in India and much of South Asia. This calculator works the same way everywhere; it's the same standard amortization formula banks use worldwide, just under two different names.
Why does the interest portion of my payment go down over time, even though the payment stays the same?
Because interest is charged only on what's still owed, and the payment itself is fixed. Early on, the balance is large, so most of the payment covers interest. As the balance shrinks, less of each fixed payment is needed for interest, so more goes toward principal: the same payment, but a shifting split. That's exactly what the yearly breakdown table shows.
How much does paying extra each month actually save?
More than most people expect, because extra money applied to principal stops accruing interest for the rest of the loan. Tick the extra payment box to see your own numbers: on a typical 30-year loan, an extra payment worth a small fraction of the monthly payment can cut years off the term and save a meaningful chunk of the total interest.
Does this account for taxes, insurance or fees?
No: this is the loan's principal and interest only, which is what "EMI" and "monthly payment" usually refer to for a personal or auto loan. A mortgage usually bundles in property tax and insurance too; use the mortgage calculator for that fuller picture.
Is my loan information sent anywhere?
No. Every calculation happens in this browser tab. Nothing you enter is uploaded, logged or saved, and refreshing the page clears it. The one thing kept is the currency you pick, stored on this device only so every money calculator here opens in it. Clearing this site's data in your browser removes it.