EMI and loan calculator
Work out a loan instalment, the total interest, and the full month-by-month schedule.
The number that matters is not the instalment
Almost every loan conversation is about the monthly figure, because that is the one you have to live with. The one that decides whether the loan was a good idea is the total interest, and it is startling how rarely it is shown. Twenty-five lakh over twenty years at 8.5% costs roughly twenty-one thousand seven hundred a month — and about twenty-seven lakh in interest, which is more than the loan. Both numbers are on this page from the moment you type.
How the instalment is worked out
The formula is EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount borrowed, r is the monthly rate — the annual rate divided by twelve and by a hundred — and n is the number of instalments. Every equated instalment is the same size, but its composition is not: early on almost all of it is interest, and only near the end is most of it repaying what you borrowed. That is why the year-by-year table below the numbers is worth reading.
Zero per cent is a real loan, not an error
Interest-free instalment plans are ordinary now, and the formula above is 0 ÷ 0 when the rate is zero. A surprising number of calculators return NaN, an error, or a blank at 0%. This one returns the amount divided by the number of instalments, which is what an interest-free loan actually costs, and says so.
The schedule has to close
An instalment is rounded to the nearest paisa or cent, because that is what a lender collects, and rounding drifts. Simulate a twenty-year loan naively and you end up with a few cents outstanding after the last payment, which some tools display as a spurious extra instalment of twenty paise. A real lender adjusts the final payment to absorb the difference. So does this: the balance reaches exactly zero on the month it is supposed to, and the totals reconcile three ways — payments equal principal plus interest, and the principal column sums to the loan.
Paying extra is the whole game
Put a figure in the extra-payment field and watch the tenure, not the instalment. Anything paid above the instalment goes straight against the principal, so it stops accruing interest for the entire remaining life of the loan. That is why the same extra amount is worth far more in year two than in year fifteen, and why it can remove years from a long loan without changing what you pay each month by much.
Everything stays on your device
Your loan amount, your rate and your tenure are not sent anywhere — this runs in your browser and answers as you type. Copying or downloading the result gives you the full month-by-month schedule as a CSV you can open in a spreadsheet.
Common questions
What is EMI?
An equated monthly instalment — a fixed payment covering both interest and principal, sized so the loan is fully repaid by the end of the term. The payment stays the same; what changes is how much of it is interest.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, and at the start that balance is the whole loan. As the balance falls the interest portion falls with it, so the principal portion grows every month.
Does it work for a 0% instalment plan?
Yes. The standard formula divides by zero there, so this handles it explicitly: the instalment is simply the amount divided by the number of months.
Will my bank quote exactly this figure?
The instalment should match to the rupee. The total may differ slightly because lenders add processing fees, insurance or a part-month of interest at disbursal, none of which are part of the loan maths.
How do I model a part-prepayment?
The extra-payment field applies the same additional amount every month, which is the common case. For a single lump sum, run the numbers again from the reduced balance and the remaining tenure.
Can I get the full schedule?
Yes — the copy and download buttons give you every month as CSV: payment, interest, principal and closing balance.