Loan / EMI Calculator
Work out your monthly loan payment (EMI), see the full amortisation schedule, and find out how much a one-time prepayment saves.
888.49
Monthly payment (EMI) for 12 months
10,661.85
Total repayment
661.85
Total interest
12
Months to pay off
One-time prepayment (optional)
Amortisation schedule
| Month | Interest | Principal | Extra | Balance |
|---|---|---|---|---|
| 1 | 100.00 | 788.49 | - | 9,211.51 |
| 2 | 92.12 | 796.37 | - | 8,415.14 |
| 3 | 84.15 | 804.34 | - | 7,610.80 |
| 4 | 76.11 | 812.38 | - | 6,798.42 |
| 5 | 67.98 | 820.50 | - | 5,977.92 |
| 6 | 59.78 | 828.71 | - | 5,149.21 |
| 7 | 51.49 | 837.00 | - | 4,312.21 |
| 8 | 43.12 | 845.37 | - | 3,466.85 |
| 9 | 34.67 | 853.82 | - | 2,613.03 |
| 10 | 26.13 | 862.36 | - | 1,750.67 |
| 11 | 17.51 | 870.98 | - | 879.69 |
| 12 | 8.80 | 879.69 | - | 0.00 |
How to use this tool
- Enter the loan amount, the annual interest rate, and the loan term in years.
- Read the monthly payment (EMI) and total interest straight away.
- Check the schedule below for the principal and interest split for every month of the loan.
- Add a one-time extra payment and the month it happens to see exactly how many months and how much interest it saves.
About this tool
Most loan calculators return one number and stop there. This one shows the full month-by-month schedule, because the single most useful thing to know about a loan is not the monthly payment, it's how that payment splits between principal and interest, and how that split shifts over the life of the loan. Early payments are mostly interest; late payments are mostly principal, and seeing that laid out is what makes a prepayment strategy make sense. The monthly payment (EMI, equated monthly instalment, the same figure whether the loan is called a mortgage, a personal loan or a car loan) is calculated from the standard amortising-loan formula, and stays fixed for the life of the loan; what changes month to month is how much of that fixed payment goes to interest versus principal. The prepayment field answers the question people actually have: not "what if I paid more every month", but "what happens if I put a bonus, a tax refund, or a lump sum toward this loan once". Enter an amount and which month you'd make it, and the schedule re-runs with that lump sum applied to the balance at that point, holding the same monthly payment, which is what shortens the loan rather than just reducing next month's payment. The months and interest saved are shown directly against the plain baseline. Every calculation runs in your browser using the same formula banks use internally; nothing you enter is uploaded or stored.
Frequently asked questions
How is the monthly payment (EMI) calculated?
With the standard amortising loan formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (the annual rate divided by 12 and by 100), and n is the number of monthly payments. This is the same formula used for mortgages, car loans and personal loans, and it produces a fixed monthly payment for the life of the loan.
Why does the principal and interest split change every month?
Interest is charged on whatever balance remains, so it's highest in the first month, when the full loan amount is still owed, and falls every month as the balance shrinks. Since the total monthly payment stays fixed, whatever isn't taken by interest goes to principal, so the principal portion grows every month even though the payment itself doesn't change.
How does the prepayment field work?
Enter an extra amount and the month number you'd pay it. The schedule re-runs with that lump sum subtracted from the balance at that point in time, while keeping the same fixed monthly payment for every month after. Because the payment stays the same but the balance is now lower, the loan finishes early rather than the monthly payment reducing, which is why a one-time prepayment can save several months and a meaningful amount of interest.
Does a lower monthly payment or a shorter term save more interest?
This calculator answers a related but different question, a one-time prepayment applied to a fixed-payment loan, which always shortens the term rather than lowering the payment. If you're instead comparing two different loan terms from the start, run each one separately: a shorter term has a higher monthly payment but substantially less total interest, since less time passes for interest to accrue on the remaining balance.
Is this the same as a mortgage calculator?
The underlying formula is identical; a mortgage is simply a loan with the amortising structure this calculator uses, usually with a longer term. It works the same way for a mortgage, a car loan, a personal loan or any other fixed-rate instalment loan.
Is my financial information uploaded anywhere?
No. The entire calculation, including the full schedule, runs in JavaScript in your browser. Nothing you enter is transmitted, logged or stored.