A free loan and EMI calculator that runs entirely in your browser. Enter your loan amount, interest rate, and term to instantly see your monthly payment (EMI), total interest, and total cost — plus a balance-over-time chart, your payoff date, and a full year-by-year amortization schedule. Add an optional extra monthly payment to see exactly how much interest you would save and how many months earlier you would be debt-free. Works for mortgages, car loans, personal loans, and more. Nothing is uploaded.
Loan & EMI Calculator
Enter your loan details — results update instantly. Everything runs in your browser; nothing is sent anywhere.
Remaining balance over time
Principal vs interest
Amortization schedule (year by year)
| Year | Principal paid | Interest paid | Remaining balance |
|---|
Note: results are estimates covering principal and interest only. They exclude taxes, insurance, and lender fees, so your actual payment may be higher.
How to use this loan calculator
Enter three numbers and the calculator does the rest, instantly:
- Loan amount — the principal you are borrowing (e.g. 20,000).
- Annual interest rate — the yearly rate as a percentage. Decimals are fine (e.g. 6.5).
- Loan term — how long you will repay, in years or months (use the toggle).
You will see your monthly payment (EMI), the total interest you will pay over the life of the loan, and the total cost (principal plus interest). Two optional fields unlock more:
- Extra payment / month — add any amount you could pay on top of the required EMI, and the calculator instantly shows how much interest you would save, how many months earlier you would finish, and your new payoff time.
- Loan start — pick the month and year the loan begins and you will see the actual payoff date (e.g. “Aug 2056”), for both the base loan and the extra-payment scenario.
The balance-over-time chart shows your remaining balance shrinking across the term — with an extra payment set, a second orange curve shows how much faster you reach zero. The bar below the results shows what share of your total cost is interest — a quick gut-check on how expensive a loan really is. Open the amortization schedule to see, year by year, how much of your payments go to principal versus interest and how the balance shrinks. The currency selector only changes the displayed symbol; the math is identical everywhere.
How loan / EMI payments are calculated
This tool uses the standard amortizing-loan formula used by banks worldwide. In words: take your annual rate and divide by 12 to get the monthly rate. The monthly payment equals the principal, times the monthly rate, times (1 + monthly rate) raised to the number of months, divided by (1 + monthly rate) raised to the number of months, minus 1. Written out:
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 payments. For a 0% loan, the payment is simply the principal divided by the number of months. Early payments are mostly interest; as the balance falls, more of each identical payment goes to principal — that shift is exactly what the amortization schedule shows.
The extra-payment scenario is computed by simulating the loan month by month: each month, interest accrues on the remaining balance, then your EMI plus the extra amount is applied. Because every extra unit goes straight to principal, the balance falls faster, less interest accrues the following month, and the effect compounds — which is why even a small extra payment can cut years off a long loan.
Frequently asked questions
Is this loan calculator free and private?
Yes — completely free, no signup, and every calculation runs locally in your browser. Your loan details are never sent to a server or stored anywhere.
What is EMI?
EMI stands for Equated Monthly Installment — the fixed amount you pay every month on an amortizing loan. The term is common in India, Indonesia, and much of Asia; in the US and Europe the same number is usually just called the “monthly payment”. Mathematically they are identical.
How much does paying extra each month save?
Usually far more than people expect, because every extra unit of currency goes directly to principal and stops compounding interest. Example: on a 100,000 loan at 5% over 30 years (EMI 536.82), paying just 100 extra per month saves about 30,580 in interest and pays the loan off 8 years and 8 months early — done in about 21 years and 4 months instead of 30. Type your own numbers into the extra-payment field above to see your exact savings.
Does the result include taxes, insurance, or fees?
No. This calculator covers principal and interest only. Mortgages in particular often add property taxes, homeowner’s insurance, and sometimes mortgage insurance (the full “PITI” payment), and many loans charge origination or processing fees. Your real monthly outlay can be meaningfully higher — check your lender’s full quote.
Should I enter my loan term in years or months?
Either works — use the toggle next to the term field. Years is natural for mortgages and car loans (e.g. 30 years, 5 years); months is handy for short personal loans or odd terms like 18 months. Internally everything is converted to months before calculating.
More free tools
Browse the full set of free GeoParrot tools, including our word & character counter and QR code generator.