Loan / EMI Calculator

The calculator uses the standard fixed-payment amortization formula. The annual interest rate is divided by 12 to obtain a monthly rate, and the payment is calculated over the exact number of months you enter.

For a 0% loan, the monthly payment is simply the loan amount divided by the number of months.

EMI commonly means equal monthly instalment. In this calculator, the estimated EMI covers principal and interest for a fixed-rate loan. It does not automatically include fees, insurance, taxes, or other lender charges.

An extra monthly payment is added to the scheduled payment and assumed to reduce principal after that month’s interest is applied. If the lender allows penalty-free prepayment, extra payments can shorten the payoff period and reduce total interest.

• The interest rate stays fixed for the full loan term.
• Interest compounds monthly and payments are made at the end of each month.
• The loan term is entered as an exact whole number of months.
• Extra payments, when entered, are made every month.

Real loan statements can differ because lenders may use different rounding methods, payment dates, day-count rules, compounding conventions, fees, insurance, taxes, or prepayment rules. Use the result as an estimate rather than a lender quote.

For a loan amount of 100,000 at a 6% annual rate over 60 months, the estimated scheduled monthly payment is about 1,933.28. Without extra payments, the estimated total interest is about 15,996.81.

Can I use this for a 0% loan?

Yes. Enter 0 for the annual interest rate.

Does it include processing fees?

No. Add lender fees separately when comparing the real cost of borrowing.

Can I enter years instead of months?

Convert years to months first. For example, 5 years is 60 months. Using months avoids hidden rounding of partial years.

This calculator is for general informational planning. It is not financial advice and does not replace the repayment schedule or disclosures supplied by a lender.