Loan EMI Calculator
Calculate monthly loan EMI payments and total interest schedules. Fast, free, and fully client-side.
Calculator Inputs
How the Loan EMI Calculator Works
An Equated Monthly Installment (EMI) calculator computes fixed monthly loan payments, total interest costs, and amortization schedules for mortgages, auto financing, and personal loans.
Formula
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1]
Where P is loan principal, r is monthly interest rate (annual rate / 12 / 100), and n is total number of monthly payments.
Calculation Example
A $200,000 mortgage at 6% annual interest over 30 years (360 months) has a monthly EMI of $1,199.10, with $231,676 in total interest paid over the life of the loan.
Frequently Asked Questions
What is an amortized loan?
A financing structure where each monthly payment is divided between paying accrued interest and reducing the principal balance.
How do extra payments reduce total loan cost?
Extra payments apply directly against the principal balance, reducing subsequent interest compounding and shortening the repayment term.