EMI Calculator

Work out the equated monthly instalment on a loan, the total interest you will pay, and see every payment in the schedule.

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Loan amount

Annual interest rate

Loan tenure

Years

Months

Currency

Monthly instalment (EMI)

$10,379.18

60 payments over 5 years

Total interest: $122,750.59
Total amount payable: $622,750.59

EMI: $10,379.18
Principal: $500,000.00
Interest: $122,750.59
Interest as % of loan: 24.6%

Principal 80.3%Interest 19.7%

Repayment schedule (60 payments)

Month-by-month repayment schedule
Month	Payment	Interest	Principal	Balance
1	$10,379.18	$3,750.00	$6,629.18	$493,370.82
2	$10,379.18	$3,700.28	$6,678.90	$486,691.92
3	$10,379.18	$3,650.19	$6,728.99	$479,962.93
4	$10,379.18	$3,599.72	$6,779.46	$473,183.47
5	$10,379.18	$3,548.88	$6,830.30	$466,353.17
6	$10,379.18	$3,497.65	$6,881.53	$459,471.64
7	$10,379.18	$3,446.04	$6,933.14	$452,538.50
8	$10,379.18	$3,394.04	$6,985.14	$445,553.36
9	$10,379.18	$3,341.65	$7,037.53	$438,515.83
10	$10,379.18	$3,288.87	$7,090.31	$431,425.52
11	$10,379.18	$3,235.69	$7,143.49	$424,282.03
12	$10,379.18	$3,182.12	$7,197.06	$417,084.97
13	$10,379.18	$3,128.14	$7,251.04	$409,833.93
14	$10,379.18	$3,073.75	$7,305.43	$402,528.50
15	$10,379.18	$3,018.96	$7,360.22	$395,168.28
16	$10,379.18	$2,963.76	$7,415.42	$387,752.86
17	$10,379.18	$2,908.15	$7,471.03	$380,281.83
18	$10,379.18	$2,852.11	$7,527.07	$372,754.76
19	$10,379.18	$2,795.66	$7,583.52	$365,171.24
20	$10,379.18	$2,738.78	$7,640.40	$357,530.84
21	$10,379.18	$2,681.48	$7,697.70	$349,833.14
22	$10,379.18	$2,623.75	$7,755.43	$342,077.71
23	$10,379.18	$2,565.58	$7,813.60	$334,264.11
24	$10,379.18	$2,506.98	$7,872.20	$326,391.91
25	$10,379.18	$2,447.94	$7,931.24	$318,460.67
26	$10,379.18	$2,388.46	$7,990.72	$310,469.95
27	$10,379.18	$2,328.52	$8,050.66	$302,419.29
28	$10,379.18	$2,268.14	$8,111.04	$294,308.25
29	$10,379.18	$2,207.31	$8,171.87	$286,136.38
30	$10,379.18	$2,146.02	$8,233.16	$277,903.22
31	$10,379.18	$2,084.27	$8,294.91	$269,608.31
32	$10,379.18	$2,022.06	$8,357.12	$261,251.19
33	$10,379.18	$1,959.38	$8,419.80	$252,831.39
34	$10,379.18	$1,896.24	$8,482.94	$244,348.45
35	$10,379.18	$1,832.61	$8,546.57	$235,801.88
36	$10,379.18	$1,768.51	$8,610.67	$227,191.21
37	$10,379.18	$1,703.93	$8,675.25	$218,515.96
38	$10,379.18	$1,638.87	$8,740.31	$209,775.65
39	$10,379.18	$1,573.32	$8,805.86	$200,969.79
40	$10,379.18	$1,507.27	$8,871.91	$192,097.88
41	$10,379.18	$1,440.73	$8,938.45	$183,159.43
42	$10,379.18	$1,373.70	$9,005.48	$174,153.95
43	$10,379.18	$1,306.15	$9,073.03	$165,080.92
44	$10,379.18	$1,238.11	$9,141.07	$155,939.85
45	$10,379.18	$1,169.55	$9,209.63	$146,730.22
46	$10,379.18	$1,100.48	$9,278.70	$137,451.52
47	$10,379.18	$1,030.89	$9,348.29	$128,103.23
48	$10,379.18	$960.77	$9,418.41	$118,684.82
49	$10,379.18	$890.14	$9,489.04	$109,195.78
50	$10,379.18	$818.97	$9,560.21	$99,635.57
51	$10,379.18	$747.27	$9,631.91	$90,003.66
52	$10,379.18	$675.03	$9,704.15	$80,299.51
53	$10,379.18	$602.25	$9,776.93	$70,522.58
54	$10,379.18	$528.92	$9,850.26	$60,672.32
55	$10,379.18	$455.04	$9,924.14	$50,748.18
56	$10,379.18	$380.61	$9,998.57	$40,749.61
57	$10,379.18	$305.62	$10,073.56	$30,676.05
58	$10,379.18	$230.07	$10,149.11	$20,526.94
59	$10,379.18	$153.95	$10,225.23	$10,301.71
60	$10,378.97	$77.26	$10,301.71	$0.00

How this was calculated

r = 9 ÷ 12 ÷ 100 = 0.00750000
n = 60 months
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1)
= 500,000 × 0.00750000 × 1.565681 ÷ 0.565681
= $10,379.18
Total paid = $10,379.18 × 60 ≈ $622,750.59

Please note

This calculator is a general illustration, not financial advice. Lenders apply their own fees, rounding rules and day-count conventions, so a real quote will differ. Always check the figures with the provider before committing.

How to use the EMI Calculator

1Enter the loan amount, the annual interest rate and the tenure.
2Switch the tenure between months and years if that is easier.
3Read the monthly instalment, total interest and total repayment.
4Open the schedule to see how each payment splits between interest and principal.

How it works

An EMI is a level payment: the same amount every month for the whole term. Each payment covers the interest that accrued on the outstanding balance, and whatever is left reduces the principal. Because the balance shrinks, the interest portion falls month by month and the principal portion rises — which is why early payments feel like they barely dent the loan.

The instalment itself comes from the standard annuity formula, using the monthly rate (annual rate ÷ 12) and the number of months.

The schedule is built in whole cents rather than by accumulating rounded floats, and the final instalment absorbs the rounding remainder. That is why the closing balance lands on exactly zero instead of a few cents adrift after 240 rows.

The formula

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

P: principal, the amount borrowed
r: monthly interest rate, the annual rate ÷ 12 ÷ 100
n: total number of monthly payments

When the rate is zero the formula collapses to P ÷ n, which the calculator handles separately.

Worked example

Borrowing 500,000 over 5 years at 9% a year

Monthly rate r = 9 ÷ 12 ÷ 100 = 0.0075
Number of payments n = 60
EMI = 500000 × 0.0075 × 1.0075⁶⁰ ÷ (1.0075⁶⁰ − 1)

Result: 10,379.18 a month, repaying 622,750.59 in total — of which 122,750.59 is interest.

Frequently asked questions

What does EMI stand for?

Equated Monthly Instalment — a fixed monthly payment covering both interest and principal, so the loan clears exactly at the end of the term.

Why is most of my early payment interest?

Interest is charged on the balance outstanding, which is at its largest at the start. As the balance falls the interest share falls with it and more of each payment goes to principal.

Does a longer tenure make the loan cheaper?

It lowers the monthly payment but raises the total cost, because you are borrowing the money for longer. The schedule shows both figures side by side.

Why does my bank quote a slightly different EMI?

Lenders add processing fees, insurance and their own rounding and day-count rules. Treat this as a close estimate rather than a quote.

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How to use the EMI Calculator

How it works

The formula

Worked example

Frequently asked questions

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