EMI Calculator
Work out the equated monthly instalment, total interest and total repayment for a loan, with a full amortisation schedule and documented rounding.
Runs in your browser — nothing is uploadedCalculate a monthly instalment and see every payment in the schedule
Enter a loan amount, an annual rate and a tenure in months or years to get the monthly instalment, the total interest and the total repayment — plus a full amortisation schedule showing how each payment splits between interest and principal. The schedule can be downloaded as CSV. A zero rate is handled properly, giving equal payments with no interest.
The instalment here covers principal and interest only. For a home loan where the monthly figure also has to carry property tax, insurance and HOA fees, or to see what overpayments save, use CalcCopilot’s mortgage calculator.
What EMI Calculator gives you
Full amortisation schedule
Every month's opening balance, payment, interest, principal and closing balance, not just the instalment figure.
Download as CSV
Take the whole schedule into a spreadsheet to compare offers or plan overpayments.
Months or years
Enter the tenure in whichever unit the offer uses.
Rounding handled honestly
Each instalment is rounded to two decimals and the final payment absorbs the difference, so the balance closes at exactly zero.
Four currencies
GBP, USD, EUR and INR formatting, with identical arithmetic throughout.
How to use EMI Calculator
Enter the loan amount
The principal you expect to borrow.
Enter the annual rate
As a percentage per year. Zero is allowed for interest-free terms.
Set the tenure
In months or years.
Read the schedule
The first twelve months are shown, and you can expand to the full term or download it.
Other names for this tool
People also look for this as loan EMI calculator, monthly instalment calculator, amortisation schedule, mortgage repayment calculator and loan repayment calculator. It is the same tool on this page.
Limitations
- A generic calculation; it does not model any specific lender’s fees, insurance or day-count conventions.
Questions about EMI Calculator
Which formula is used?
With r = annual rate / 1200 and n monthly payments, EMI = P x r / (1 - (1 + r)^-n). At a zero rate it falls back to P / n.
Why does the last payment differ?
Each instalment is rounded to two decimal places, so the final payment absorbs the accumulated rounding difference. This is shown in the schedule.
How do I compare two loan offers properly?
Compare total repayment, not the monthly figure. A longer term lowers the instalment and raises the total interest considerably, so the cheaper-looking monthly payment is frequently the more expensive loan overall.
Why does the last instalment differ from the others?
Each payment is rounded to two decimal places and those roundings accumulate over the term. The final instalment absorbs the difference so the balance closes at exactly zero, which is what a real amortisation does too.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is at its highest at the start. The schedule shows the split month by month, and it is why overpaying early reduces the total far more than overpaying near the end.
Can I get the whole schedule into a spreadsheet?
Yes, download it as CSV. That is the practical way to compare several offers side by side or model what an overpayment in a particular month would do.
Does this match what my bank will quote?
Not exactly. This is a textbook amortisation and excludes arrangement fees, insurance, early repayment charges and lender-specific day-count and rounding rules. It is not financial advice, and the lender's own quote is the figure that binds.
What if the loan is interest-free?
Enter zero as the rate. Each instalment becomes the principal divided by the number of months, with no interest on any row, rather than the calculation failing.