Free calculators that run in your browser.
Enter the amount, interest rate and term to see your monthly payment, how much interest you will pay in total, and the full repayment schedule. Add an extra monthly payment to see how much interest and time you save.
It uses the standard amortization formula used by banks: a fixed payment that covers that month’s interest and pays off part of the balance, so the loan reaches zero at the end of the term.
EMI means equated monthly instalment: the same fixed payment every month. It is exactly the monthly payment this calculator shows.
Every extra payment goes straight to the balance, so the interest charged next month is smaller and the loan ends sooner.