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EMI Calculator

Monthly EMI, total interest, and a year-by-year schedule. See how a small extra payment ends the loan years early.

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Your loan
$
% per year
years
$

Optional. Goes straight to principal and ends the loan sooner.

Monthly EMI
$207.58
Total interest
$2,455
Total paid
$12,455
Paid off in
5 years
Interest per day
$2.47
in the first month
Total$12.5K
  • Principal$10,00080%
  • Interest$2,45520%
Small change, big saving

Add $21 a month and you save $290 in interest, finishing 6 months sooner.

Worth shopping around

A rate of 8.00% instead of 9% would cost $289 less in interest and $4.82 less a month.Half the loan is repaid in year 3; the first year alone costs $833 in interest.

Over the life of the loan
Balance leftInterest paid so farHover for any year
yr 1yr 2yr 3yr 4yr 5
Compare scenariosSave this one, change a number, save again
Year by year5 years · click a year for months
YearPrincipalInterestBalance
1$1,658$833$8,342
2$1,814$677$6,528
3$1,984$507$4,544
4$2,170$321$2,374
5$2,374$117$0

How EMI is calculated

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Every EMI is the same, but early on most of it is interest; over time the principal share grows. The year-by-year table above shows exactly how that shifts.

Why paying a little extra matters so much

Extra money paid with an EMI goes straight to the principal, so every later month charges interest on a smaller balance. On a 20-year loan, adding even 5% to the instalment can remove two or more years of payments. Use the extra payment field to see the exact interest and time saved for your loan, and check whether your lender charges a prepayment fee.

Reducing vs flat interest rate

This calculator uses the reducing-balance method, which is what banks use for home, car and personal loans: interest is charged only on what you still owe. A "flat rate" quoted by some lenders charges interest on the full original amount for the whole term, which works out to roughly 1.8× the reducing rate. Always compare loans on the reducing rate.

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