The Loan & EMI Calculator helps you calculate your monthly loan payments in seconds. Enter your loan amount, interest rate, and term length, and instantly see your EMI, total interest, and a complete amortization schedule. Whether you are planning a home purchase, comparing auto loan offers, or refinancing student debt, this free calculator gives you the clarity you need to make informed borrowing decisions.
Enter your loan details to calculate EMI instantly.
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Try Auritrack FreeType in the total amount you want to borrow. This is the principal loan amount before any interest is applied. Use the slider or type directly for precision.
Enter the annual interest rate offered by your lender. Most personal loans range from 5% to 20%, while mortgage rates are typically 3% to 8%.
Select the loan duration in months or years. A longer term means lower monthly payments but more total interest paid over the life of the loan.
Instantly see your monthly EMI payment, total interest cost, and total amount payable. Scroll down to view the full amortization schedule showing each payment breakdown.
EMI, or Equated Monthly Installment, is the fixed amount you pay to your lender every month until the loan is fully repaid. Each EMI consists of two parts: the principal repayment and the interest charge. In the early months, interest makes up a larger share of each payment. As the outstanding balance decreases, the principal portion grows while the interest portion shrinks. The standard formula is:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
Where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = total months
Most loans use the reducing balance method, where interest is calculated on the outstanding principal each month. As you pay down the principal, the interest component decreases. For example, a loan of $500,000 at 8% annual interest for 5 years (60 months) results in an EMI of approximately $10,138. Over the full term, you would pay around $108,279 in interest — that is 21.7% more than the original principal. The amortization schedule above shows exactly how this breaks down month by month, with early payments being heavily weighted toward interest.
A fixed-rate loan locks in your interest rate for the entire tenure, giving you predictable monthly payments. A variable-rate (or floating-rate) loan starts with a lower rate that adjusts periodically based on market benchmarks. Variable rates can save you money when interest rates fall, but they carry the risk of higher payments if rates rise. For short-term loans under 5 years, the difference is typically small. For long-term commitments like 15 or 30 year mortgages, the choice becomes much more significant. Use the comparison tab above to model both scenarios and see which option costs less for your specific situation.
See how your money grows over time with daily, monthly, or yearly compounding. Visualize growth with interactive charts.
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Disclaimer: This tool is provided for informational and educational purposes only. It does not constitute financial, tax, investment, or legal advice. Results are estimates based on the inputs you provide and may not reflect actual financial outcomes. Always consult a qualified financial professional before making financial decisions.
