Loan EMI, total interest and total payment for any loan — with a year-by-year amortisation summary and the effect of extra payments.
Monthly EMI
How to use this tool
The principal you borrow.
The annual interest rate and the loan term in years.
In Advanced options, to see the shorter term and interest saved.
Judge a loan by total interest paid, not by the monthly EMI alone.
Formula & worked example
A $100,000 loan at 10% a year for 1 year has a monthly EMI of $8,791.59. Total paid is $105,499.06, of which $5,499.06 is interest. Adding $1,000 a month extra shortens the loan and saves interest, as shown in the results.
Limitations — read this before you rely on it
Assumes a fixed rate, equal monthly payments and no fees, prepayment penalties, late charges or rate changes. Floating-rate loans reprice, so a real EMI can change mid-term; check whether extra payments reduce tenure or EMI under your lender's rules.
Frequently asked questions
Equated Monthly Instalment: the fixed monthly payment that repays a loan with interest over its term. Early payments are mostly interest; later ones are mostly principal.
Yes, but it raises total interest sharply. Compare total interest, not just the EMI, when choosing between terms.
Yes, if they reduce principal: they shorten the loan and cut total interest. Check your lender applies them to principal and charges no prepayment penalty.
On a floating-rate loan the EMI usually rises (or the term extends) at reset dates. This calculator holds the rate fixed, so re-run it at the new rate after a change.
Interest is charged on the full outstanding balance, which is largest at the start. As the balance falls, the interest slice shrinks and the principal slice grows.