EMI Calculator: Free Loan and Monthly Payment Calculator
Work out your monthly loan payment, total interest, and payoff date in seconds. Add extra payments to see how much interest you save, and check the full payment schedule. It works for home, car, personal, and student loans. It is free, private, and needs no signup.
Payment schedule
This calculator gives estimates for loans with a fixed interest rate and equal monthly payments. It does not include taxes, insurance, or fees, and it is not financial advice. Your lender's exact figures may differ.
How to Use the EMI Calculator
Enter your loan details
Type the loan amount, the yearly interest rate, and how long you will take to repay. Or use the sliders.
Read your results
See your monthly payment, total interest, total cost, and the date of your last payment right away.
Try extra payments
Add an extra amount each month to see how much interest you can save and how much sooner you finish.
Everything You Need to Plan a Loan
Instant results
Every number updates as you type or move a slider. There is no button to press.
Full payment schedule
See each payment split into principal and interest, by year or by month.
Extra payment savings
Find out how much interest and time you save by paying a little more each month.
Nine currencies
Choose US dollars, pounds, euros, Canadian and Australian dollars, rupees, and more.
Download your schedule
Save the full monthly schedule as a CSV file that opens in Excel or Google Sheets.
Private by design
The math runs on your device. The amounts you type are never uploaded or saved.
What Is an EMI?
EMI stands for Equated Monthly Installment. It is the fixed amount you pay your lender every month until a loan is fully repaid. In the United States, the United Kingdom, Canada, and Australia, people usually call the same thing a monthly payment or a loan payment. Each payment has two parts: interest, which is the cost of borrowing, and principal, which reduces the amount you still owe. In the early years most of each payment is interest. Over time, more and more of it goes to the principal.
The EMI Formula
The monthly payment on a fixed-rate loan is worked out with this formula:
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
- P is the loan amount (the principal).
- r is the monthly interest rate. Divide the yearly rate by 12, then by 100.
- n is the number of monthly payments. A 5 year loan has 60 payments.
Example. You borrow 10,000 at 12% a year for 12 months. The monthly rate r is 12 ÷ 12 ÷ 100 = 0.01. The EMI works out to about 888.49 a month. Over 12 months you pay about 10,662 in total, so about 662 of it is interest.
Ways to Lower the Cost of a Loan
- Compare rates. Even a small drop in the interest rate saves a lot over many years. Try 6.5% and 7% in the calculator and compare the total interest.
- Choose a shorter tenure if you can. A longer tenure makes the monthly payment smaller, but you pay much more interest in total.
- Pay a little extra. Extra payments go straight to the principal. Use the extra payment box to see the savings, and check that your lender does not charge a penalty for paying early.
- Make a bigger down payment. Borrowing less lowers both the payment and the interest.
- Look at the full cost. Processing fees, insurance, and taxes are not in this calculator, but they are part of what you really pay.
How Accurate Is This Calculator?
The calculator uses the standard formula for a fixed-rate loan with equal monthly payments, and it rounds each payment to the smallest unit of the currency, the way most lenders do. Your lender may still show a slightly different figure, because of fees, insurance, the number of days in each month, or a different payment date. Use the results to compare options and plan your budget, and ask your lender for the exact numbers before you sign. This tool is for general information and is not financial advice.
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Frequently Asked Questions
Is this EMI calculator free?
Yes. BixTools is completely free. There is no signup and no limit on how many loans you calculate.
What does EMI mean?
EMI stands for Equated Monthly Installment. It is the fixed amount you pay your lender every month, and each payment covers part of the interest and part of the loan amount.
How is EMI calculated?
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1). P is the loan amount, r is the monthly interest rate (the yearly rate divided by 12 and by 100), and n is the number of monthly payments.
Can I use it for a home, car, or personal loan?
Yes. It works for any loan with a fixed interest rate and equal monthly payments, such as a home loan, car loan, personal loan, or student loan.
Does it include taxes, insurance, or fees?
No. It shows only the principal and interest. Property tax, home insurance, mortgage insurance, processing fees, and other charges are not included, so your real monthly cost can be higher.
What is an amortization schedule?
It is a table that shows every payment split into principal and interest, with the balance left after each payment. Early payments are mostly interest, and later payments are mostly principal.
How do extra monthly payments help?
Extra money goes straight to the principal, so the balance falls faster. You pay less interest overall and finish the loan sooner. Check with your lender that there is no penalty for paying early.
Why is my lender's number a little different?
Lenders may round differently, count days instead of months, charge fees, add insurance, or use a different payment date. Use this tool for a close estimate and confirm the exact figure with your lender.
Does it work for variable-rate loans?
It uses one fixed rate for the whole loan. For a variable-rate loan, enter your current rate to see today's payment, and run the calculator again if the rate changes.
Are my numbers stored or shared?
No. The calculation runs in your own browser. The amounts you enter are not uploaded or saved.