Loan EMI Calculator Online
Calculate loan EMI with amortization schedule
How to Use Loan EMI Calculator Online
- 1Enter the loan amount in dollars.
- 2Enter the annual interest rate (e.g., 8.5 for 8.5% per year).
- 3Enter the loan tenure in months.
- 4View the monthly EMI, total interest and total payment instantly.
- 5Click "Show Amortization Schedule" to see the month-by-month breakdown.
About Loan EMI Calculator Online
Calculate your monthly loan EMI (Equated Monthly Installment) online for free with a detailed amortization schedule. Enter the loan amount, annual interest rate and tenure to see your monthly payment, total interest payable and total cost of the loan. The amortization table shows the month-by-month breakdown of principal and interest components. Works for home loans, car loans, personal loans and any fixed-rate loan.
Frequently Asked Questions
What is EMI?
EMI stands for Equated Monthly Installment. It is the fixed monthly payment you make to the lender to repay the loan principal and interest over the loan tenure.
How is EMI calculated?
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan principal, r is the monthly interest rate (annual rate / 12 / 100), and n is the number of months.
Does the interest rate change the total cost significantly?
Yes. Even a 0.5% difference in interest rate can change the total interest paid by thousands of dollars over a long loan tenure. Compare different rates to find the best deal.