Loan Calculator (EMI)
Free loan calculator with monthly payment (EMI), total interest and a full amortization schedule. Accurate bank formula, in your browser.
- ✓ Runs in your browser — nothing uploaded
- ✓ No sign-up
- ✓ Free, no limits
How it's computed
EMI = P·r·(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r the monthly rate (annual ÷ 12 ÷ 100) and n the number of monthly payments. This is the standard amortization formula used by banks.
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | 2,794.31 | 16,167.73 | 247,205.69 |
| 2 | 2,981.45 | 15,980.59 | 244,224.23 |
| 3 | 3,181.13 | 15,780.91 | 241,043.10 |
| 4 | 3,394.17 | 15,567.87 | 237,648.93 |
| 5 | 3,621.49 | 15,340.55 | 234,027.44 |
| 6 | 3,864.03 | 15,098.02 | 230,163.42 |
| 7 | 4,122.81 | 14,839.23 | 226,040.61 |
| 8 | 4,398.92 | 14,563.12 | 221,641.69 |
| 9 | 4,693.52 | 14,268.52 | 216,948.17 |
| 10 | 5,007.86 | 13,954.18 | 211,940.32 |
| 11 | 5,343.24 | 13,618.80 | 206,597.07 |
| 12 | 5,701.09 | 13,260.95 | 200,895.99 |
| 13 | 6,082.90 | 12,879.14 | 194,813.09 |
| 14 | 6,490.28 | 12,471.76 | 188,322.80 |
| 15 | 6,924.95 | 12,037.09 | 181,397.85 |
| 16 | 7,388.73 | 11,573.31 | 174,009.13 |
| 17 | 7,883.56 | 11,078.48 | 166,125.56 |
| 18 | 8,411.54 | 10,550.50 | 157,714.02 |
| 19 | 8,974.88 | 9,987.16 | 148,739.15 |
| 20 | 9,575.94 | 9,386.10 | 139,163.21 |
| 21 | 10,217.26 | 8,744.78 | 128,945.95 |
| 22 | 10,901.53 | 8,060.51 | 118,044.42 |
| 23 | 11,631.62 | 7,330.42 | 106,412.80 |
| 24 | 12,410.61 | 6,551.43 | 94,002.18 |
| 25 | 13,241.78 | 5,720.26 | 80,760.41 |
| 26 | 14,128.60 | 4,833.44 | 66,631.80 |
| 27 | 15,074.82 | 3,887.22 | 51,556.98 |
| 28 | 16,084.41 | 2,877.63 | 35,472.57 |
| 29 | 17,161.61 | 1,800.43 | 18,310.96 |
| 30 | 18,310.96 | 651.08 | 0.00 |
This free loan calculator gives you the exact monthly payment (EMI) for any loan, plus the total interest you will pay and a complete year-by-year amortization schedule showing how each payment splits between principal and interest. Enter the loan amount, annual interest rate and term — the defaults show a $250,000 mortgage at 6.5% over 30 years — and every figure updates instantly.
It uses the standard amortization formula banks use: EMI = P·r·(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r the monthly interest rate and n the number of payments. Worked example: a $100,000 loan at 12% for 12 months costs $8,884.88 per month. The schedule reveals what most borrowers never see — in the early years of a long mortgage, most of each payment is interest, and the table shows exactly when that balance tips toward principal.
The calculator runs entirely in your browser, so your financial details are never uploaded anywhere. Results are estimates for comparison between offers; your lender's exact figures may differ slightly due to fees and rounding. This is general information, not financial advice — confirm final numbers with your lender.
Frequently asked questions
How is EMI calculated?
EMI = P·r·(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of monthly payments. A $100,000 loan at 12% over 12 months works out to $8,884.88 per month.
What is an amortization schedule?
A table showing, for each period, how much of your payment goes to interest and how much repays the loan. Early payments are mostly interest; the split gradually reverses until the balance reaches zero.
Why is the total interest so high on long loans?
Interest is charged on the outstanding balance every month, and a longer term keeps the balance high for longer. A 30-year mortgage can cost more in interest than the original loan — the schedule shows this precisely.
Are these figures exact?
They use the exact standard formula, but lenders may add fees, insurance or different rounding. Treat the results as accurate estimates for comparing offers, not a contractual quote — and this is not financial advice.