Free Online Loan / EMI Calculator
Calculate monthly EMI for personal, auto, or student loans
Your Monthly EMI
$405.53
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,388.80 | $1,477.53 | $16,611.20 |
| 2 | $3,670.07 | $1,196.26 | $12,941.13 |
| 3 | $3,974.69 | $891.65 | $8,966.44 |
| 4 | $4,304.58 | $561.75 | $4,661.86 |
| 5 | $4,661.86 | $204.47 | $0.00 |
For informational purposes only. Not financial advice. Actual EMI may vary based on lender terms, processing fees, and other charges. Consult your lender for exact figures.
Try these next
About this tool
Calculate your monthly loan EMI (Equated Monthly Installment) with this free online loan calculator. Enter your loan amount, annual interest rate, and tenure to instantly see your monthly payment, total interest payable, and a complete amortization schedule. The calculator works for any type of loan — personal loans, auto loans, student loans, or business loans. Switch between years and months for the tenure to match your repayment plan. A pie chart shows the split between principal and interest so you can see exactly how much of your total payment goes toward interest. The amortization table breaks down every payment into principal and interest portions, with a toggle to view by year or by month. Whether you are comparing loan offers, planning a purchase, or checking how much a loan will actually cost, this tool gives you instant, accurate results. All calculations run in your browser — no data is sent to any server and no sign-up is required.
Frequently Asked Questions
EMI stands for Equated Monthly Installment — the fixed monthly payment you make to repay a loan. The formula is EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of monthly payments.
Three factors determine your EMI: the loan amount (higher amount = higher EMI), the interest rate (higher rate = higher EMI), and the loan tenure (longer tenure = lower EMI but more total interest). Reducing any one of these lowers your EMI.
A shorter tenure means higher monthly payments but significantly less total interest. A longer tenure reduces your monthly burden but increases the total cost. For example, a $20,000 loan at 8% costs $4,332 in interest over 5 years but $7,025 over 7 years.
Yes. This calculator works for any fixed-rate loan including car loans, personal loans, student loans, and business loans. Enter your auto loan amount, the dealer or bank interest rate, and the loan term to see your monthly car payment.
Personal loan rates typically range from 6% to 36% depending on your credit score, income, and lender. Rates below 12% are generally considered good. Compare offers from multiple lenders and check your credit score before applying.
Make extra payments toward the principal when possible, choose the shortest tenure you can afford, improve your credit score before applying to get a lower rate, and consider refinancing if rates drop after you take the loan.
An amortization schedule shows how each monthly payment is split between principal and interest. Early payments are mostly interest, while later payments are mostly principal. The schedule helps you understand exactly where your money goes each month.
The interest-to-principal ratio shows what percentage of your loan amount you pay in interest. A ratio of 20% means for every $100 borrowed, you pay $20 in interest. Lower ratios mean a cheaper loan — achieved through lower rates or shorter terms.
Related Tools
Discover more free utilities to enhance your productivity.
Mortgage Calculator
Calculate monthly mortgage payments with amortization schedule
Compound Interest Calculator
Calculate compound interest growth with contributions and compounding frequency
Percentage Calculator
Calculate percentages — find X% of Y, what percent X is of Y, or percentage change
Age Calculator
Calculate your exact age in years, months, and days from your date of birth