EMI Calculator
Use this free EMI calculator to estimate a fixed monthly loan installment, total interest and repayment schedule. Compare monthly, yearly and one-time prepayments, then check interest avoided and net savings after entered fees. Results assume a fixed nominal rate and monthly reducing-balance interest; they are estimates, not a lender settlement quote.
How It Works
Get Your Result in 4 Simple Steps
Get a clean, usable result in just a few clicks — fast, easy, and completely free.
1
Enter the principal
For a new loan, enter the amount you plan to borrow. For an existing loan, use the outstanding principal and remaining term. The tool recomputes the EMI; it does not take your actual current installment as an input. Choose a currency label without converting the amount.
2
Enter the annual rate
Use the nominal annual interest rate, not an APR that includes additional charges. Interest is modeled monthly as annual rate divided by twelve. The estimate does not include daily accrual, future rate changes, insurance, taxes or lender-specific rounding.
3
Set your prepayment plan
Choose years or months and optionally enter an extra monthly amount. Open Advanced prepayment plan for a start/end month, a yearly extra with its first month, or one-time payments entered as month, amount. Month 1 means the first modeled payment.
4
Calculate and check the schedule
Click Calculate EMI. Standard cost cards show the no-prepayment baseline; the prepayment card and schedule show your plan. Enter fees to check net savings. Switch between monthly and yearly schedules, then click CSV to export the selected view.
Features
Everything You Need in One Tool
Built to be fast, clean, and easy to maintain — with no messy lines or hard-to-spot errors.
Monthly EMI and total cost
See the regular installment separately from the optional extra. The baseline principal, interest and total repayment show the loan without prepayments, so you can compare the original borrowing cost with a faster repayment plan.
Flexible extras and net savings
Combine recurring, yearly and one-time extras while keeping the EMI unchanged. Final extras are capped at the remaining principal. Compare interest avoided with entered fees; a negative net saving means those fees exceed the interest benefit.
Monthly and yearly amortization
Follow principal, interest and balance by month or year. CSV adds extra principal and percentage fees, with the one-off fee listed separately. Money is displayed to two decimals; calculations retain additional precision.
Browser-based calculation
No account is required. New Share links use a URL fragment to restore your inputs and advanced plan. Fragments are not sent in the page request, but recipients, browser history and page scripts can access them. Share only figures you are comfortable disclosing.
Common Use Cases
Who Is This Tool For?
Whether you're working on a personal project or a professional one, this tool fits right in.
-
Compare borrowing offers
Compare quoted rates using the same amount and term. Check fees separately. A lower EMI can still mean a higher total cost. -
Check a car-loan budget
Estimate the principal-and-interest installment before choosing a purchase amount. Budget separately for running costs, insurance and upfront fees. -
Explore recurring prepayments
Compare estimated time and interest saved with an affordable extra. Confirm lender permission and keep funds for essential expenses. -
Understand amortization
Follow how principal falls and the interest split changes. Try zero interest or another term to understand amortization.
Why It's Useful
Small Changes. Big Difference.
A little polish goes a long way — it saves time, reduces mistakes, and makes your work look more professional.
Keep the comparison consistent
Change one input at a time to identify what caused the saving.
Check the interest method
This EMI calculator assumes monthly reducing-balance interest. Flat-rate, precomputed-interest, interest-only and balloon loans need a different model. Ask the lender which method applies.
Deduct charges from savings
Enter a percentage fee on actual extra principal and a one-off fee. Fees are separate costs, not financed. Lender minimum charges, exemptions and taxes may differ. Confirm your agreement before making a payment.
Recheck after a rate change
After a rate reset, estimate again with updated figures. Ask your lender for exact dates and settlement amounts.
FAQs
Frequently Asked Questions
Find answers to the most common questions about this tool.
EMI means Equated Monthly Installment: a regular loan payment containing principal and interest. This calculator assumes a fixed rate and monthly payments.
EMI = P × r ÷ [1 − (1 + r)^−n], where P is principal, r is the monthly rate and n is payment months. At zero interest, EMI is P divided by n.
Not necessarily. Payment dates, daily interest, charges, rate changes and installment rounding may differ. Use the result for planning and verify the required payment with your lender.
Enter current outstanding principal and remaining months. The tool recalculates an EMI; it does not accept your actual current installment. If that differs from your statement, treat the comparison as illustrative.
No. The model keeps the regular EMI unchanged and adds extra principal, shortening repayment. A lender-approved EMI reduction or recast requires a different calculation.
Yes. Under Advanced prepayment plan, choose the monthly-extra start and end month. The extra applies within that inclusive range. Leave the end blank to continue until payoff. Yearly extras and one-time payments are configured separately.
Yes. Choose Monthly or Yearly and click CSV. The export includes payments, principal, interest, balance, extra principal and percentage fees. The one-off fee is listed separately. Visible amounts and CSV figures use two decimals.
Share links include your inputs. New links use a URL fragment, excluded from the page request, but recipients, browser history and page scripts can access it. Older query-based links may transmit inputs in the request. Do not treat sharing as confidential.
No. The selector changes the displayed currency label only. Enter every amount in the same currency. There is no live exchange-rate conversion.
Net saving deducts your entered percentage fee on actual extra principal and a one-off plan fee. The one-off fee applies once when a prepayment occurs. Fees do not reduce principal. Check lender-specific rules; unentered charges are excluded.
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