Loan EMI Calculator Calculate Equated Monthly Installment (EMI) for any loan with year-by-year breakdown.
Loan EMI Calculator
Calculate Equated Monthly Installment (EMI) for any loan with year-by-year breakdown.
Enter Loan Amount
Input the total loan principal amount.
Set Rate & Term
Enter the annual interest rate and loan tenure in years.
View EMI Details
See your monthly EMI, total payment, and year-by-year breakdown.
What Is Loan EMI Calculator?
An EMI (Equated Monthly Installment) calculator determines the fixed monthly payment for any type of loan — personal, auto, student, or business. The EMI remains constant throughout the loan term, but the composition changes: early payments are interest-heavy, while later payments are principal-heavy. This calculator computes the EMI using the standard annuity formula, then generates a year-by-year breakdown showing how much principal and interest you pay each year and the remaining balance. It's invaluable for financial planning, helping you understand the true cost of borrowing and compare different loan offers. The year-by-year view reveals the total interest burden and helps you see how prepayments could accelerate your debt payoff.
Why Use Loan EMI Calculator?
-
Works for any loan type (personal, auto, student, business)
-
Shows year-by-year breakdown of principal and interest
-
Displays total cost of the loan including all interest
-
Clear EMI formula reference for understanding
-
Helps compare different loan offers
Common Use Cases
Auto Loans
Calculate monthly car payments before visiting the dealership.
Personal Loans
Understand the full cost of personal loans from banks or online lenders.
Student Loans
Plan for student loan repayments and understand total interest burden.
Loan Comparison
Compare EMIs from different lenders to find the best deal.
Technical Guide
EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual/12), and n is the total number of months. This produces a fixed payment where each installment covers the month's interest plus a portion of principal. The interest component for month m is: Interest_m = RemainingBalance × r. The principal component is: Principal_m = EMI − Interest_m. As the balance decreases, less goes to interest and more to principal — this is why prepaying principal is most effective early in the loan. The year-by-year breakdown aggregates monthly figures into annual totals, showing the cumulative principal paid, interest paid, and remaining balance at each year end.
Tips & Best Practices
-
1Even a small reduction in interest rate significantly reduces total cost over long terms
-
2Prepaying principal early in the loan saves the most interest
-
3Compare both the EMI and total interest when evaluating loan offers
-
4Shorter loan terms have higher EMIs but much lower total interest
-
5The formula assumes a fixed interest rate throughout the loan term
Related Tools
Mortgage Calculator
Calculate monthly mortgage payments, total interest, and view amortization schedule.
🔢 Math & Calculators
Compound Interest Calculator
Calculate compound interest with different frequencies and regular contributions.
🔢 Math & Calculators
Debt Payoff Calculator
Plan debt payoff with snowball vs avalanche strategies and extra payment analysis.
🔢 Math & Calculators
APR Calculator
Calculate the Annual Percentage Rate including fees and charges for true loan cost comparison.
🔢 Math & CalculatorsFrequently Asked Questions
Q What does EMI stand for?
Q Is the EMI the same every month?
Q How can I reduce my EMI?
Q Does this work for variable-rate loans?
Q What is the total cost of a loan?
About This Tool
Loan EMI Calculator is a free online tool by FreeToolkit.ai. All processing happens directly in your browser — your data never leaves your device. No registration or installation required.