EMI Calculator

Free Loan EMI & Interest Calculator Online. Free EMI Calculator: find your monthly loan payment, total interest and full amortization schedule for home, car and personal loans in seconds. Planning to borrow money? Our free EMI Calculator shows your monthly instalment (EMI) instantly. Enter the loan amount, interest rate and tenure to see your monthly payment, total interest and total repayment, along with a visual principal-vs-interest breakdown and a month-by-month amortization schedule. It works for home loans, car loans, personal loans and education loans, in any currency, with no signup needed.

How to Use the EMI / Loan Calculator

1. Enter the loan amount you want to borrow, or drag the slider.
2. Enter the annual interest rate (% per year).
3. Set the loan tenure and choose Years or Months.
4. Pick your currency and, optionally, the month your loan starts.
5. Your EMI, total interest and total payment update instantly.
6. Scroll down to the amortization schedule, switch between Yearly and Monthly views, or download it as a CSV file.

FAQs

1. What is EMI? EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until the loan is fully repaid. It covers both principal and interest.
2. How is EMI calculated? EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
3. Does a longer tenure lower my EMI? Yes, a longer tenure lowers each EMI, but you pay more total interest over the life of the loan.
4. Can I use this for home, car and personal loans? Yes. It works for any reducing-balance loan with fixed monthly instalments.
5. Will the result match my bank’s figure exactly? It should be very close. Small differences can come from processing fees, rounding, or how the bank counts days, so confirm the final figure with your lender.