Loan / EMI Calculator
Work out the monthly payment on an auto, personal, or student loan and see the full amortization breakdown.
How it works
- 1
Enter the loan basics
Type in the loan amount, the annual interest rate, and the term in months (e.g. 60 for a 5-year auto loan).
- 2
We calculate your fixed monthly payment
Using the standard amortization formula, the calculator solves for the level payment that pays off the loan — principal and interest — by the end of the term.
- 3
Review the full breakdown
The chart shows how much of your total payments go to principal vs. interest over the life of the loan, plus totals for interest paid and the grand total repaid.
Frequently asked questions
What is an EMI?+
EMI stands for Equated Monthly Installment — a fixed payment made every month that covers both interest and a portion of the principal, so the loan is fully paid off by the end of its term.
How is the monthly payment calculated?+
We use the standard amortization formula: EMI = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
Does this include fees, taxes, or insurance?+
No. This calculator computes principal-and-interest only. Loan origination fees, taxes, and insurance (if applicable) are not included and would need to be added separately.
Can I use this for a mortgage instead?+
You can, but our dedicated Mortgage Payoff Calculator is a better fit — it also models extra monthly payments and how much interest and time they save.