Calculate loan EMI, total interest, amortization schedule, payoff date and extra-payment impact across 7 currencies.
Monthly payment (EMI)
30 years · 360 payments
Principal
$300,000
Total interest
$382,633
Total paid
$682,633
Interest is 56.1% of total paid.
Formula & calculation details
EMI = P × r × (1+r)n / ((1+r)n − 1)
where P = loan amount minus down payment, r = periodic interest rate, n = total number of payments.
For non-monthly compounding the effective monthly rate is (1 + annual/m)m/12 − 1, where m is the number of compounding periods per year.
Amortization schedule
Period
Payment
Principal
Interest
Balance
Saved calculations
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Frequently asked questions
EMI stands for Equated Monthly Installment — the fixed amount you pay your lender each month until the loan is fully repaid. Every EMI contains two parts: interest on the outstanding balance and a portion that reduces the principal. Because the balance shrinks over time, early payments are mostly interest, and later payments are mostly principal.
The calculator uses the standard amortized-loan formula: EMI = P × r × (1+r)n / ((1+r)n − 1), where P is the principal (loan amount minus any down payment), r is the periodic interest rate, and n is the total number of monthly payments. If you change compounding to non-monthly (quarterly, annually, daily), the annual rate is converted to an equivalent monthly rate first.
This is a fixed-rate calculator: the interest rate stays the same for the whole term, so every EMI is identical. Floating (variable) rates change with the market, so a single calculator number can't represent them accurately — you would need to recalculate after each rate change. For ARM / variable mortgages, use this calculator as a snapshot at the current rate.
Any amount paid above the scheduled EMI goes straight to the principal, so it both shortens the loan and reduces total interest. Enter an extra monthly amount in the optional settings and the calculator will show how many months earlier the loan pays off and how much interest you save. On a 30-year mortgage, even an extra $100/month typically saves tens of thousands in interest.
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) adds lender fees, points and other loan costs on top of the rate, so APR is almost always higher than the quoted interest rate. This calculator uses the interest rate only; if you want a quick APR estimate, bake the fees into the loan amount or use the APR number from your loan estimate document.
For each period the calculator computes: interest = balance × monthly rate, principal = EMI − interest (plus any extra payment), new balance = old balance − principal. It repeats this until the balance reaches zero. Toggle between yearly summary (one row per year) and monthly detail to see payment-by-payment breakdown.
Results are estimates for planning purposes only. Your actual loan payments may differ based on fees, taxes, insurance and exact amortization rules used by your lender.
Loan calculator that computes the Equated Monthly Installment (EMI), total interest, and total repayment for home, auto, student and personal loans in 7 currencies (USD, EUR, GBP, INR, AUD, CAD, JPY). Enter the loan amount, annual interest rate, and term in years or months; the calculator applies the standard amortized-loan formula EMI = P x r x (1+r)^n / ((1+r)^n – 1). Optional inputs include a down payment (subtracted from principal), an extra monthly payment (accelerates payoff), a start date (shows exact payoff month), and compounding frequency (monthly, quarterly, semi-annually, annually, daily). Example: a $300,000 mortgage at 6.5% for 30 years gives an EMI of about $1,896 and roughly $382,600 in total interest. A $30,000 car loan at 5.5% for 5 years gives an EMI of about $573. The result section shows a principal-vs-interest pie chart, summary cards, and an amortization schedule with yearly summary or full monthly detail.