How is EMI calculated?

EMI (Equated Monthly Installment) = [P × R × (1+R)^N] / [(1+R)^N – 1], where P = principal loan amount, R = monthly interest rate (annual rate ÷ 12 ÷ 100), N = loan tenure in months.

What is an amortization schedule?

An amortization schedule shows each monthly payment broken down into principal repaid and interest charged, along with the remaining balance. It shows how your loan balance decreases over time.

Is the loan calculator free?

Yes — completely free to use with no signup required. Calculate as many loan scenarios as you need.

Can I calculate home loan EMI in India?

Yes — enter your loan amount in any currency, annual interest rate (e.g. 8.5% for SBI home loans), and tenure in months to get the exact EMI and total interest.

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Loan / EMI Calculator

Free to Use

Calculate monthly EMI, total interest, and full amortization schedule for any loan. Instantly see principal vs interest breakdown.

Loan Details

Loan Amount ($)

Annual Interest Rate (%)

Tenure (months)

$2,051.65

Monthly EMI

$23,099.19

Total Interest

$123,099.19

Total Payment

Principal vs Interest Breakdown

Principal81%

$100,000.00

Interest19%

$23,099.19

Amortization Schedule (first 12 months)

Month	Principal	Interest	Balance
1	$1,343.32	$708.33	$98,656.68
2	$1,352.83	$698.82	$97,303.85
3	$1,362.42	$689.24	$95,941.43
4	$1,372.07	$679.59	$94,569.36
5	$1,381.79	$669.87	$93,187.57
6	$1,391.57	$660.08	$91,796.00
7	$1,401.43	$650.22	$90,394.57
8	$1,411.36	$640.29	$88,983.21
9	$1,421.36	$630.30	$87,561.85
10	$1,431.42	$620.23	$86,130.43
11	$1,441.56	$610.09	$84,688.87
12	$1,451.77	$599.88	$83,237.09

Showing first 12 of 60 months

Frequently Asked Questions

Is this loan / EMI calculator free?›

Yes, it is completely free. No sign-up or payment needed. You can calculate EMI for any loan amount, interest rate, and tenure instantly.

What types of loans can I calculate EMI for?›

This is a generic loan EMI calculator suitable for personal loans, car loans, education loans, business loans, or any fixed-interest instalment loan. Enter the loan amount, annual interest rate, and tenure in months to get the monthly EMI.

How do I use the loan EMI calculator?›

Enter three values: (1) Loan Amount — the principal you are borrowing, (2) Annual Interest Rate — the interest rate offered by your bank or lender, and (3) Tenure in months — the repayment period. The calculator instantly shows monthly EMI, total interest payable, total repayment amount, a principal vs interest breakdown chart, and a full amortization schedule for the first 12 months.

What does this calculator compute?›

It calculates your monthly EMI using the standard reducing balance formula, total interest paid over the loan tenure, total amount repaid (principal + interest), the percentage split between principal and interest, and a month-by-month amortization schedule showing how much of each EMI goes towards principal vs interest.

How accurate is the EMI calculation?›

The calculator uses the standard reducing balance (compound interest) formula used by banks: EMI = P × r × (1+r)^n / ((1+r)^n − 1). Results are accurate for fixed-rate loans. Floating rate loans, processing fees, prepayment penalties, or irregular payment schedules may cause actual EMI to differ. Always confirm final figures with your lender.

What Is EMI & Loan Calculator?

A loan EMI calculator computes your monthly payment (EMI), total interest paid, and full amortization schedule for any loan — home loan, car loan, personal loan, education loan, or business loan. Formly's free loan calculator lets you calculate EMI in both Indian format (lakh/crore) and international formats (USD, GBP, AUD, CAD), with a complete month-by-month amortization table showing principal vs interest breakdown. Also supports comparing multiple loan scenarios side by side.

Why Formly's EMI & Loan Calculator Is the Best Free Option

✓Full amortization table — see every monthly payment broken into principal and interest.
✓Supports all loan types: home, car, personal, education, and business loans.
✓Multi-currency: India (₹), USA ($), UK (£), Canada (CA$), Australia (AU$), and more.
✓Compare scenarios — see how changing rate, tenure, or down payment affects total cost.
✓Prepayment impact calculator — see how extra payments reduce your loan term and interest.
✓Free with no limits — calculate as many scenarios as needed.

Free Alternative to BankBazaar EMI calculator, ET Money loan calculator, NerdWallet loan calculator

→BankBazaar EMI calculator: BankBazaar redirects to bank offers. Formly gives clean calculations without sales pitches.

→ET Money loan calculator: ET Money limits functionality to push investment products. Formly is tool-focused.

→NerdWallet loan calculator: NerdWallet is US-only. Formly supports Indian rupee and multi-currency calculations.

Who Uses EMI & Loan Calculator?

Home buyers

Calculate mortgage EMIs at different interest rates and tenures before applying.

Car buyers

Compare auto loan EMIs across 3, 5, and 7 year terms to find the best option.

Personal finance planners

Understand total interest cost before taking personal loans for major purchases.

Bank & NBFC staff

Quickly compute loan EMIs for customer consultations.

Students considering education loans

Calculate EMIs for different education loan amounts before applying.

Popular searches: EMI calculator, loan EMI calculator India, home loan EMI calculator, car loan EMI calculator, personal loan calculator, monthly EMI calculator, bank loan interest calculator.

Looking for a detailed guide? Read our in-depth tutorial on using EMI & Loan Calculator for professional results.

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