Toolstia / Loan & EMI calculator
Loan and EMI calculator
Enter a loan amount, a yearly interest rate and a term to see the monthly payment (EMI), the total interest and the total you will pay back. Open the year-by-year table to see how much of each year goes to principal and how much to interest.
This is an estimate for a fixed-rate loan with equal monthly payments. Real loans can add fees, insurance, or a rate that changes, so check your lender's figures. The numbers are in whatever currency you use.
How it works
- Enter the loan amount, the yearly rate and the term.
- Read the monthly payment, total interest and total cost.
- Open the breakdown to see the balance year by year.
The formula
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly rate (yearly rate divided by 12 and by 100) and n is the number of months. With a 0% rate the payment is simply P divided by n.
Why total interest matters
A longer term lowers the monthly payment but raises the total interest. Try the same loan over 15 and 30 years to see the difference.
What this does not include
Real loans may add processing fees, insurance, or a variable rate that changes over time. Banks may also calculate interest daily. Use this as an estimate and confirm the figures with your lender.
Any currency
The calculator does not care about currency. Enter amounts in taka, dollars, pounds or anything else, and the results use the same unit.
Questions
What does EMI mean?
EMI stands for equated monthly instalment: the fixed amount you pay each month until the loan is cleared.
Can I use it for a car loan or a mortgage?
Yes, for any fixed-rate loan with equal monthly payments.
Is the result exact?
It is accurate for the formula above, rounded to two decimals. Your lender's schedule can differ by small amounts because of fees or rounding rules.
Are my numbers saved?
No. Everything is calculated in your browser.