A 30-year loan at 6.5%
Borrow $350,000.00 at 6.5% a year for 360 months.
Monthly payment $2,212.24. Total repaid $796,405.71. Interest $446,405.71.
Loan EMI calculator
A fixed monthly payment on a fixed rate. Interest is charged on the balance you still owe. Fees and taxes are not included.
Symbol only. Amounts are not converted.
%
A 5-year loan is 60 months. A 30-year loan is 360.
Monthly payment
$2,212.24
- Total repaid
- $796,405.71
- Total interest
- $446,405.71
0180360
Next: Savings goal calculatorThe monthly amount a savings target needs.
Reducing-balance interest. Nominal annual rate divided by 12. No fees, insurance, or taxes.
Payment schedule
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $26,546.86 | $3,912.04 | $22,634.82 | $346,087.96 |
| Year 2 | $26,546.86 | $4,174.04 | $22,372.82 | $341,913.93 |
| Year 3 | $26,546.86 | $4,453.58 | $22,093.28 | $337,460.35 |
| Year 4 | $26,546.86 | $4,751.84 | $21,795.01 | $332,708.50 |
| Year 5 | $26,546.86 | $5,070.08 | $21,476.77 | $327,638.42 |
| Year 6 | $26,546.86 | $5,409.64 | $21,137.22 | $322,228.79 |
| Year 7 | $26,546.86 | $5,771.93 | $20,774.93 | $316,456.86 |
| Year 8 | $26,546.86 | $6,158.49 | $20,388.37 | $310,298.37 |
| Year 9 | $26,546.86 | $6,570.93 | $19,975.93 | $303,727.44 |
| Year 10 | $26,546.86 | $7,011.00 | $19,535.86 | $296,716.44 |
| Year 11 | $26,546.86 | $7,480.54 | $19,066.32 | $289,235.90 |
| Year 12 | $26,546.86 | $7,981.52 | $18,565.33 | $281,254.38 |
| Year 13 | $26,546.86 | $8,516.06 | $18,030.80 | $272,738.32 |
| Year 14 | $26,546.86 | $9,086.40 | $17,460.46 | $263,651.92 |
| Year 15 | $26,546.86 | $9,694.93 | $16,851.93 | $253,956.99 |
| Year 16 | $26,546.86 | $10,344.22 | $16,202.64 | $243,612.78 |
| Year 17 | $26,546.86 | $11,036.99 | $15,509.87 | $232,575.79 |
| Year 18 | $26,546.86 | $11,776.16 | $14,770.70 | $220,799.63 |
| Year 19 | $26,546.86 | $12,564.83 | $13,982.03 | $208,234.81 |
| Year 20 | $26,546.86 | $13,406.32 | $13,140.54 | $194,828.49 |
| Year 21 | $26,546.86 | $14,304.16 | $12,242.69 | $180,524.33 |
| Year 22 | $26,546.86 | $15,262.14 | $11,284.72 | $165,262.19 |
| Year 23 | $26,546.86 | $16,284.27 | $10,262.58 | $148,977.91 |
| Year 24 | $26,546.86 | $17,374.86 | $9,172.00 | $131,603.05 |
| Year 25 | $26,546.86 | $18,538.49 | $8,008.37 | $113,064.57 |
| Year 26 | $26,546.86 | $19,780.04 | $6,766.81 | $93,284.52 |
| Year 27 | $26,546.86 | $21,104.75 | $5,442.11 | $72,179.77 |
| Year 28 | $26,546.86 | $22,518.17 | $4,028.68 | $49,661.60 |
| Year 29 | $26,546.86 | $24,026.26 | $2,520.60 | $25,635.34 |
| Year 30 | $26,546.86 | $25,635.34 | $911.52 | $0.00 |
How this is calculated
- Step 1
Interest due
This month’s interest is the remaining balance times the monthly rate.
- Step 2
Principal
The rest of the fixed payment reduces what you owe.
- Step 3
Last payment
It clears whatever is left, so the balance ends at zero.
Equated monthly installment
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
| P | Amount borrowed. |
|---|---|
| r | Monthly rate: annual rate divided by 12, as a decimal. |
| n | Number of monthly payments. |
Each month, interest is the monthly rate times the balance still owed. The rest of the EMI reduces principal. That is a reducing-balance loan.
If the rate is 0, the payment is simply the principal divided by the number of months.
A flat-rate loan charges interest on the original principal for the whole term and will not match this page. The schedule shows the first year, and can show every month. Compare the EMI with what the same monthly sum would become in the compound interest calculator if you saved it instead.
Worked examples
Loading an example fills the tool and scrolls you back to the result. Money examples stay in US dollars on the page. The symbol you picked changes; the numbers do not convert.
Five years at 9%
Borrow $500,000.00 at 9% a year for 60 months.
Monthly payment $10,379.18. Total repaid $622,750.66. Interest $122,750.66.
A four-year loan at 4.9%
Borrow $18,000.00 at 4.9% a year for 48 months.
Monthly payment $413.71. Total repaid $19,858.20. Interest $1,858.20.
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<iframe src="/embed/loan-emi" title="Loan EMI calculator" width="100%" height="720" style="border:0;max-width:42rem" loading="lazy"></iframe>Questions
Is this a reducing-balance EMI?
Yes. Interest each month is the monthly rate times whatever you still owe. It is not a flat-rate calculation on the original principal.
What should I type in the rate field?
The nominal annual interest rate. We divide by 12. If the lender’s APR includes fees, or they quote a flat rate, the contract will not match until you use the interest rate alone.
Are fees or insurance included?
No. The payment is principal and interest only. If a fee is added to the amount you borrow, include it in the principal.
Why is total interest so large on a long term?
The balance stays high for longer, so you pay the monthly rate many more times. A shorter term raises the EMI and cuts interest. The schedule makes that visible month by month.