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EMI Calculator

Work out the EMI on any loan, see the full month-by-month schedule, and find out how much of your money goes to interest rather than to the debt.

Also called: loan calculator, installment calculator, instalment calculator, equated monthly instalment.

$

Type "250k", "1.2m" or the plain number, all of them parse.

%
years
Payment frequency

Paying quarterly or yearly instead of monthly changes the interest, not just the instalment.

Fewer, larger instalments means the balance sits higher for longer, so total interest rises even though each payment covers more principal.

Prepayments and extra payments

A lump sum, a standing extra amount, or both. The schedule and the saving are recomputed against them.

$

A standing amount on top of the payment. This is what a round-up-your-mortgage plan does.

$

Leave at 0 if you are not making a lump-sum prepayment.

Fees and ongoing charges

Processing fees raise your effective rate; insurance and maintenance raise your real monthly outgo.

$

Deducted from what you receive but charged on the full loan, so they raise your APR without changing the instalment.

$

Not part of the loan, but part of what leaves your account each month.

Interest-only period before repayment

Months before repayment starts, and whether the interest accruing in them is capitalised. The same arithmetic covers a study-period holiday, a deferment and a payment pause.

If you do not, it is added to the loan, which is why an education loan is often larger when repayment begins than the amount that was disbursed.

Monthly instalment
$525.05

$525.05 a month for 5 years. Over the full term you repay $31,502.79, of which $6,502.79 is interest. 26.01% of what you borrowed.

Total interest
$6,502.79
Total repayment
$31,502.79
Interest as % of principal
26.01%
Interest in period 1
$197.92
Principal in period 1
$327.13
How this is calculated

An estimate, not an offer or a guarantee. Projected returns assume the rate you entered holds for the whole term, which no market does.

Where your money goes

Total$31,502.79
Principal $25,000 (79%)Interest $6,503 (21%)

Outstanding balance

Hover or drag for values
$0.00$6,168.22$12,336.44$18,504.65$24,672.87Month 1Month 60
Outstanding balance
60 rows
MonthPaymentInterestPrincipalBalance
1$525$198$327$24,673
2$525$195$330$24,343
3$525$193$332$24,011
4$525$190$335$23,676
5$525$187$338$23,338
6$525$185$340$22,998
7$525$182$343$22,655
8$525$179$346$22,309
9$525$177$348$21,961
10$525$174$351$21,610
11$525$171$354$21,256
12$525$168$357$20,899
Method and background

This is what the calculation gives for the numbers you entered. It is an estimate, not advice, and it knows nothing about your situation beyond those numbers. Rules for United States change on a published schedule; the effective date is shown on every rule-based tool.

How this is calculated

An EMI does two jobs at once: it pays the interest that accrued this month, and it repays some principal. Because the principal shrinks, next month's interest is smaller, so more of the identical payment goes to principal. The formula answers one question. What fixed payment, repeated n times, drives the balance to exactly zero?

E = P * i * (1+i)^n / ((1+i)^n - 1)
E
The equal periodic instalment (currency)
P
Principal: the amount borrowed (currency)
i
Monthly interest rate = annual rate ÷ 12 ÷ 100 (decimal)
n
Total number of monthly instalments (months)

Full derivation: The annuity payment, derived from scratch

Worked examples

Each of these is asserted on every build. If a change to the engine ever moved one of these answers, the build would fail before the page could print it.

the US 30-year, in dollars

Loan amount
$400,000.00
Interest rate (per year)
6.9%
Tenure
30 years

Monthly instalment$2,634.40

PMT(6.9%/12, 360, -400000) = 2634.4005, and a separate month-by-month run accrues 548,384.19 of interest. The same closed form has to hold under either region pack, which is what this case is here to show.

Open this example

a US student loan at 6.5% over ten years

Loan amount
$50,000.00
Interest rate (per year)
6.5%
Tenure
10 years

Monthly instalment$567.74

PMT(6.5%/12, 120, -50000) = 567.7351. A shorter term at a lower rate, to catch a region-dependent slip that a single magnitude would hide.

Open this example

Method and limits

What it assumes

  • Interest compounds monthly on the reducing balance.
  • The rate stays fixed for the whole term. Floating-rate loans reset periodically.
  • Processing fees, insurance and statutory charges are excluded.

What it deliberately does not model

  • Does not model rate resets on floating-rate loans. Most lenders hold the instalment steady and extend the term instead, so a rate rise can add years without changing what leaves your account each month.
  • Does not include property insurance, maintenance or association dues, or any lender fee.
  • Assumes every instalment is paid in full and on time.

Formula version 1.0.0 · definition 1.0.0 · United States · Report a problem with this calculator

Frequently asked questions

Why is my bank's EMI a few rupees different from mine?
Rounding. Lenders round the instalment and true up the final payment against the residual balance, which is why the last month of a schedule looks lopsided. A difference of one or two is normal; a difference of hundreds means a different rate, tenure or fee assumption.
Why is my EMI almost all interest in the early years?
Interest in any month is the rate times the previous balance, and the balance starts at its maximum. On a 20-year loan at 8.5% the first year is about 81% interest. The only way to change the shape of that is to attack the balance early, which is what prepayment does.