Loan Calculator — EMI & Monthly Payment
A loan calculator works out your monthly loan payment (EMI) from the loan amount, interest rate and repayment period — plus total interest, and how much extra payments can save.
How it works
- Enter the loan amount, annual interest rate and loan term.
- Your monthly EMI appears instantly, with total interest and total paid.
- Add an extra monthly payment to see how much interest you save and how much sooner you finish.
Formula
Worked example
A $20,000 personal loan at 8% interest over 5 years (60 months) has a monthly EMI of $405.53. You pay $24,331.67 in total, of which $4,331.67 is interest. Paying $50 extra a month finishes the loan in about 53 months and saves about $189 in interest.
Frequently asked questions
How do I calculate EMI on a loan?
Use the EMI formula above, or enter your numbers in the calculator. EMI depends only on the loan amount, the monthly interest rate and the number of months.
How much will my monthly loan payment be?
It depends on the amount, rate and term. For example, $20,000 at 8% over 5 years is $405.53 a month. A longer term lowers the payment but raises total interest.
What is a loan amortisation schedule?
It is a table showing, for each payment, how much goes to interest and how much to principal. Early payments are mostly interest; later ones are mostly principal.
How does an extra payment reduce loan interest?
Extra payments go straight to principal, so less interest builds up afterwards. On the $20,000 example above, $50 extra a month saves about $189 in interest.
Personal loan vs car loan — which calculator do I use?
Both use the same maths. Enter the amount, rate and term for either loan type in this calculator.
Is a longer loan term better?
A longer term lowers your monthly payment but costs much more interest overall. A shorter term costs more per month but is cheaper in total.