Use this free loan and EMI calculator to work out your monthly payment, the total interest you will pay, and a full month by month amortization schedule, in seconds. It works in more than 70 currencies and supports both reducing balance and flat rate methods, so you can plan any loan, from a car or home to a personal or business loan, and compare offers fairly. Enter your loan amount, interest rate, and term below to see your numbers.
Loan & EMI Calculator
Find your monthly payment in seconds
EMI is your fixed monthly loan payment. Set the three values below and tap Calculate.
How much money you want to borrow.
The yearly interest your lender charges.
How many years you take to repay.
| Year | Principal | Interest | Balance |
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How to use this calculator
- Enter the loan amount you want to borrow.
- Set the interest rate the lender quoted, and pick reducing balance or flat rate.
- Choose the term in months or years.
- Read your results: the monthly EMI, total interest, total amount payable, and a full repayment schedule.
Change any value and the results update at once, so you can test different amounts, rates, and terms before you commit.
What you can work out
- Monthly EMI, the fixed amount you pay each month.
- Total interest, the real cost of the loan on top of the amount you borrow.
- Total payable, the principal plus interest over the full term.
- Amortization schedule, how each payment splits between interest and principal.
- Flat vs reducing, so you can see why a flat rate costs more than it looks.
How the EMI is calculated
On a reducing balance loan, interest each month is charged on the balance you still owe, so the interest part falls as you repay. The monthly EMI uses the standard formula:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
Here P is the loan amount, r is the monthly interest rate, and n is the number of months.
Quick example: Borrow 10,000 at 8% for 5 years on a reducing balance. The EMI is about 203 a month, and the total interest is about 2,166. The same numbers as a flat rate would cost more, which is why it pays to check.
Explore more calculators
This page covers any general loan. For a specific need, use a dedicated tool:
- Loan calculators for car, personal, business, student, and mortgage loans.
- Interest calculators for flat rate, reducing balance, amortization, prepayment, and the true APR.
- Calculators by country with local notes for Pakistan, India, the UAE, Saudi Arabia, Nigeria, and the UK.
Why use loancalc.io
- Works anywhere. One tool for more than 70 currencies, not just one market.
- Reducing and flat. Compare both methods, which most calculators do not let you do.
- Neutral. We do not sell loans, so the numbers are about your decision.
- Clear. Plain English guides back up every calculator.
- Free. No sign up and no cost.
Frequently asked questions
What is a loan EMI?
EMI stands for equated monthly installment, the fixed amount you pay each month until the loan is cleared. Each payment covers some interest and some principal, and on a reducing balance loan the interest part falls over time.
How does this loan calculator work?
You enter the loan amount, the interest rate, and the term. The calculator applies the standard EMI formula and shows your monthly payment, the total interest, the total payable, and a full amortization schedule.
Does it work for my country and currency?
Yes. The calculator supports more than 70 currencies, so you can plan a loan in your own money. For local notes on rates and rules, see our calculators by country.
What is the difference between flat and reducing rate?
A reducing balance rate charges interest only on what you still owe, so it falls as you repay. A flat rate charges interest on the full original amount the whole time and costs more. A 5% flat rate is close to about 9.8% reducing over 5 years.
Is this calculator free?
Yes, it is completely free, with no sign up. The site is supported by advertising, which never changes your results.
Is this financial advice?
No. The calculator gives general estimates for planning only. Confirm the exact figures and terms with your bank or lender, and see our disclaimer for more.
Built and maintained by Hira Fatima, BSc in Computer Science (BSCS)
Hira builds, tests, and maintains the calculators on loancalc.io and writes the guides that go with them.
How we calculate: Reducing balance uses the standard EMI formula; flat rate charges interest on the full original amount. | Last updated: June 2026
Disclaimer: This calculator gives estimates for planning only and is not financial advice. Your actual figures may differ due to fees, taxes, and lender policies. Confirm with your bank or lender before you borrow.