Loan EMI Calculator with Amortization Schedule
Calculate monthly loan payments, total interest and early payoff with extra principal. Includes zero-interest loans and a downloadable repayment schedule.
Your inputs
Use a fixed nominal annual rate, not a fee-inclusive APR. All money inputs use the selected currency.
Your result
Enter your values, then choose Calculate.
Estimate based on your inputs. Fees, taxes and market changes are included only where explicitly entered.
Calculation breakdown
Method, assumptions and worked example
For a fixed-rate loan, EMI = P × r ÷ [1 − (1 + r)−n], where P is principal, r is the annual nominal rate divided by 12 and 100, and n is the number of monthly payments. At 0% interest, payment = P ÷ n.
Follow the balance, not just the payment
Each month, interest is charged on the remaining principal. Payment first covers interest; the rest reduces principal. Extra payments reduce principal after that month’s interest. The schedule rounds payments and interest to cents and adjusts the final payment to clear the balance.
Worked example
A 10,000 loan at 6% over 12 months has a scheduled payment of 860.66. At 0%, the same loan requires about 833.33 per month with a final rounding adjustment. Try the example, then add 100 of extra principal to compare interest and payoff time.
This model assumes the first payment is one month after borrowing. It excludes daily interest, introductory rates, balloon payments, origination charges and prepayment penalties. Ask your lender how extra payments are applied.
Frequently asked questions
Is EMI the same as APR?
No. The input is the nominal interest rate. APR can include fees and other borrowing costs.
Can I calculate a zero-interest loan?
Yes. Enter 0 for the rate; principal is divided across the term, with the last payment adjusted for cents.
Sources and review
Formula and content reviewed on 9 October 2026. Examples are hypothetical. Tax years and model limits are stated above; this page does not receive live rates.