Calculate monthly payments and amortization for mortgages, auto loans, or personal loans.
| # | Payment | Principal | Interest | Balance |
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EMI (Equated Monthly Installment) uses the formula: P × r × (1+r)^n / ((1+r)^n − 1), where P is loan amount, r is monthly rate (annual / 12 / 100), and n is number of months. Each payment is split between principal and interest — early payments are mostly interest.
Home buyers use this to see how a mortgage's monthly payment changes across different down payments and interest rates before committing, since even a fraction of a percentage point on a 20- or 30-year loan can shift the total interest paid by a large amount. Car buyers compare a dealer's financing offer against what a bank or credit union would charge for the same loan amount and term, checking whether a "0% APR" promotion actually beats a cash-back offer once the numbers are run side by side. Anyone weighing a personal loan against paying with a credit card can use it to see the real cost difference in monthly payment and total interest, which is often larger than it first appears. It's also useful for a different kind of question — instead of the standard "what's my payment," working backward from an affordable monthly budget to see what loan amount or term fits within it. Looking at the amortization schedule specifically shows why extra payments early in a loan save more interest than the same extra payment made later, since early payments are weighted so heavily toward interest rather than principal.
EMI (Equated Monthly Installment) is the fixed monthly payment that fully repays a loan's principal and interest over its term.
Yes — alongside the monthly payment, it shows total interest, total amount repaid, and a full amortization schedule.
Yes — enter any principal, interest rate, and term, so it works for mortgages, auto loans, or personal loans alike.
Want more detail? Read How to Use Loan and EMI Calculator: Practical Guide and Best Practices.