Loan & EMI Calculator

Calculate your monthly EMI (Equated Monthly Installment), total payable amount, total interest, and view a detailed amortization schedule.

Calculate the monthly payment, total interest paid, and full amortisation schedule for a loan with reducing-balance interest — the standard formula for mortgages, car loans, and most personal loans. The schedule shows the principal-vs-interest split per month so you understand exactly when the loan starts paying down faster. Math runs locally; the financial details you enter aren't logged.

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Understanding EMI and Loan Calculations

Loan Calculator implements 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 ÷ 100), and n is the term in months. Math.pow() handles the exponentiation, and the formula is evaluated once per render using a useMemo hook so the schedule recomputes only when an input changes.
This formula assumes a fixed nominal interest rate compounded monthly with equal payments — the most common structure for U.S. mortgages, Indian home/auto loans, and consumer personal loans. Variable-rate loans, balloon payments, or interest-only periods are not modelled. If your loan reprices every 5 years (a 5/1 ARM, for example), this tool gives you the equivalent fixed-rate payment for the initial period only.
The amortization schedule is built by walking month-by-month: each row computes interest as remainingBalance × r, principal as EMI − interest, and the new balance as remainingBalance − principal. Floating-point rounding can cause the final balance to drift by a fraction of a cent over hundreds of payments; lenders typically absorb this by adjusting the last payment slightly, which the calculator does not do automatically.
Interest dominates early payments because the formula calculates interest on the outstanding balance. On a 30-year, 7% mortgage of $300,000, the very first payment is roughly $1,750 interest and only $245 principal; the crossover where principal exceeds interest happens around year 18. The schedule below makes this dynamic visible row by row.
When the interest rate is set to 0%, the standard formula divides by zero, so the calculator detects this case separately and uses EMI = P ÷ n. The amortization schedule then shows zero interest in every row and a flat principal payment.
The total interest paid is reported as (EMI × n) − P. This is the headline figure most people miss — on a 30-year mortgage at 7%, the total interest can exceed the principal itself. Use this number to compare across term lengths: a 15-year loan at the same rate roughly halves total interest.
All inputs and the schedule live in browser memory only. No data is stored, no API call is made, and your loan amounts never leave your device. Refresh the page to start over.

Common Use Cases

01

Mortgage planning

Compare 15-year versus 30-year terms at a given rate to see how much total interest you save by paying down faster.

02

Auto loan budgeting

Estimate the monthly payment on a 60-month or 72-month car loan before you walk into the dealership.

03

Personal loan shopping

Plug in offers from different lenders to compare true monthly cost and total interest, not just the headline APR.

04

Business equipment financing

Project EMI and total cost on equipment loans to forecast cash-flow impact across the term.

Frequently Asked Questions

EMI stands for Equated Monthly Installment — a fixed monthly payment that includes both principal and interest. Each month the balance decreases, so the principal portion grows and the interest portion shrinks, but the total stays the same.
Interest is calculated on the remaining balance. The balance is highest at the start, so the interest charge is largest then. As you pay down principal, the balance and the monthly interest both shrink. On a 30-year 7% mortgage, the principal/interest crossover happens around year 18.
Yes. The unit toggle lets you input the term either way, and internally it's normalized to months for the formula. EMI and the schedule recalculate instantly via React's useMemo.
The standard EMI formula divides by zero at 0% interest, so the calculator falls back to EMI = principal ÷ months. The schedule shows zero interest in every row and a flat principal payment.
It uses the textbook fixed-rate amortization formula, which matches what most banks publish for fixed-rate home, auto, and personal loans. Your actual statement may differ by a few dollars due to processing fees, mortgage insurance, escrow, or daily-interest accrual rules — these are not modelled.
No. The calculator assumes a single fixed rate for the full term and full amortization with no balloon or interest-only period. For ARMs, run two calculations — one for the introductory period at the teaser rate, one for the remaining term at a worst-case projected rate.
The calculator is currency-agnostic — enter your principal in any currency and the EMI comes out in the same units. The dollar sign in the UI is a display label, not a unit conversion.
Floating-point math accumulates a sub-cent error over many rows of the amortization schedule. Real lenders adjust the final payment to absorb the rounding; this calculator displays the formula result without that adjustment, so the last row may be a fraction off.
Yes. The amortization table initially shows the first 12 months. For loans longer than 12 months, a "Show all N months" button appears below the table — click it to expand every row, and click "Show first 12 months" to collapse it again.
No. Inputs and the computed schedule live in React state and browser memory only. No fetch, no localStorage, no analytics on the values you enter.
Maintained by the WebToolVerse teamLast updated Suggest an edit

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