Loan & EMI Calculator
See the monthly payment, the total interest, and exactly how the balance falls year by year.
Runs entirely in your browser. Nothing you type here is uploaded, stored or logged.
How the monthly payment is worked out
Every amortising loan uses the same formula. With P as the amount
borrowed, r as the monthly interest rate (the annual rate divided by 12
and by 100), and n as the number of months:
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)The payment stays the same every month, but its composition does not. Early on it is mostly interest; later it is mostly principal. That crossover point is the single most useful thing to understand about a long loan.
What the total interest figure is telling you
On a 25-year loan at 6.5%, you repay roughly double what you borrowed. That is not a trick — it is what borrowing money for a quarter of a century costs. Seeing it as one number, rather than 300 payments, tends to change how people think about the term length.
Shortening the term raises the monthly payment but cuts the total dramatically. Try the same loan over 20 years instead of 25 and watch the total interest, not the monthly figure.
Overpaying: the highest-return thing most people can do
An extra payment goes straight against the principal. That removes not just the amount you paid, but every future month of interest that amount would have generated. The effective return is your loan's interest rate, guaranteed and tax-free — which is usually better than a savings account offers.
Two cautions. First, check for early repayment charges; some fixed-rate deals cap overpayments at 10% a year. Second, clear higher-interest debt first — overpaying a 6% mortgage while carrying 22% credit card debt loses money.
What this calculator deliberately leaves out
- Fees — arrangement, valuation, legal and broker fees.
- Insurance — building, life or payment protection premiums.
- Property costs — taxes, service charges, maintenance.
- Rate changes — this assumes a fixed rate for the whole term.
Figures are estimates for planning only, not a loan offer. Lenders round differently and may apply interest daily rather than monthly, so your statement may differ by a small amount.
Frequently asked questions
What is EMI?
EMI stands for Equated Monthly Instalment — a fixed monthly payment that covers both interest and principal, sized so the loan is fully repaid by the end of the term. It is the same thing as a standard amortising loan or mortgage payment; the term is most common in India and the Middle East.
Why is so much of my early payment going to interest?
Interest is charged on the balance you still owe, and at the start you owe almost everything. In month one of a 25-year mortgage, roughly 70–80% of the payment can be interest. As the balance falls, the interest portion shrinks and the principal portion grows — which is why the schedule below is worth scrolling through.
Does paying extra each month really help that much?
Yes, disproportionately. Extra payments come off the principal directly, and every unit of principal removed also removes all the future interest that would have accrued on it. On a typical 30-year mortgage, an extra 10% each month can cut four to six years off the term.
Is the total interest figure what I will actually pay?
It is what you will pay in interest if the rate stays fixed and you never overpay, miss a payment or refinance. It excludes arrangement fees, insurance, early repayment charges and — on a variable-rate loan — any rate changes. Treat it as the baseline, not a quote.
Which rate should I enter?
Enter the nominal annual interest rate, not the APR, unless the APR is all you have. APR bundles fees into the rate to make offers comparable, so using it here slightly overstates the interest and understates the fees.