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EMI Calculator

EMI Calculator works out Payment and Total interest from Loan amount, Annual interest rate and Term - additional months. The default figures on this page give payment of 8,997.26; change any entry and the result, the working and the sources update together.

Payment
8,997.26
Loan Payment Calculator
Total interest
1,159,342.12
Total of payments
2,159,342.12
Number of payments
240
Payoff time
20 years
Rate per period
0.75 %
Interest per unit borrowed
1.1593
Interest saved by extra payments
0
Payments saved
0
Loan amount
1,000,000.00
Annual interest rate
9 %
Months to repay
240
Fees deducted at closing
0.00
Net amount advanced
1,000,000.00
APR
9 %
Worked out from Standard annuity-immediate payment formula, PMT = P i / (1 - (1+i)^-n) and 4 other sources.

Your figures

Updates as you type
Formatting only. This does not change the calculation.
The nominal annual rate (APR before fees), not the monthly rate.
Added to the term in years, for terms such as 5 years and 6 months. To state a tenure purely in months, set the years to 0 and enter the whole tenure here.
Additional principal paid on top of the scheduled payment.

How this is worked out

3 steps
  1. Rate per period = 9% / 12 = 0.75%
  2. Payment = P i / (1 - (1+i)^-n) = 8997.26
  3. Over 240 payments the total paid is 2159342.12, of which 1159342.12 is interest.
Amortisation scheduletable
periodpaymentinterestprincipalbalance
18,997.267,5001,497.26998,502.74
28,997.267,488.771,508.49996,994.25
38,997.267,477.461,519.8995,474.45
48,997.267,466.061,531.2993,943.25
58,997.267,454.571,542.69992,400.56
68,997.267,4431,554.26990,846.3
78,997.267,431.351,565.91989,280.39
88,997.267,419.61,577.66987,702.73
98,997.267,407.771,589.49986,113.24
108,997.267,395.851,601.41984,511.83
118,997.267,383.841,613.42982,898.41
128,997.267,371.741,625.52981,272.89
138,997.267,359.551,637.71979,635.18
148,997.267,347.261,650977,985.18
158,997.267,334.891,662.37976,322.81
168,997.267,322.421,674.84974,647.97
178,997.267,309.861,687.4972,960.57
188,997.267,297.21,700.06971,260.51
198,997.267,284.451,712.81969,547.7
208,997.267,271.611,725.65967,822.05
218,997.267,258.671,738.59966,083.46
228,997.267,245.631,751.63964,331.83
238,997.267,232.491,764.77962,567.06
248,997.267,219.251,778.01960,789.05
258,997.267,205.921,791.34958,997.71
268,997.267,192.481,804.78957,192.93
278,997.267,178.951,818.31955,374.62
288,997.267,165.311,831.95953,542.67
298,997.267,151.571,845.69951,696.98
308,997.267,137.731,859.53949,837.45
318,997.267,123.781,873.48947,963.97
328,997.267,109.731,887.53946,076.44
338,997.267,095.571,901.69944,174.75
348,997.267,081.311,915.95942,258.8
358,997.267,066.941,930.32940,328.48
368,997.267,052.461,944.8938,383.68
378,997.267,037.881,959.38936,424.3
388,997.267,023.181,974.08934,450.22
398,997.267,008.381,988.88932,461.34
408,997.266,993.462,003.8930,457.54
418,997.266,978.432,018.83928,438.71
428,997.266,963.292,033.97926,404.74
438,997.266,948.042,049.22924,355.52
448,997.266,932.672,064.59922,290.93
458,997.266,917.182,080.08920,210.85
468,997.266,901.582,095.68918,115.17
478,997.266,885.862,111.4916,003.77
488,997.266,870.032,127.23913,876.54
498,997.266,854.072,143.19911,733.35
508,997.266,8382,159.26909,574.09
518,997.266,821.812,175.45907,398.64
528,997.266,805.492,191.77905,206.87
538,997.266,789.052,208.21902,998.66
548,997.266,772.492,224.77900,773.89
558,997.266,755.82,241.46898,532.43
568,997.266,738.992,258.27896,274.16
578,997.266,722.062,275.2893,998.96
588,997.266,704.992,292.27891,706.69
598,997.266,687.82,309.46889,397.23
608,997.266,670.482,326.78887,070.45
618,997.266,653.032,344.23884,726.22
628,997.266,635.452,361.81882,364.41
638,997.266,617.732,379.53879,984.88
648,997.266,599.892,397.37877,587.51
658,997.266,581.912,415.35875,172.16
668,997.266,563.792,433.47872,738.69
678,997.266,545.542,451.72870,286.97
688,997.266,527.152,470.11867,816.86
698,997.266,508.632,488.63865,328.23
708,997.266,489.962,507.3862,820.93
718,997.266,471.162,526.1860,294.83
728,997.266,452.212,545.05857,749.78
738,997.266,433.122,564.14855,185.64
748,997.266,413.892,583.37852,602.27
758,997.266,394.522,602.74849,999.53
768,997.266,3752,622.26847,377.27
778,997.266,355.332,641.93844,735.34
788,997.266,335.522,661.74842,073.6
798,997.266,315.552,681.71839,391.89
808,997.266,295.442,701.82836,690.07
818,997.266,275.182,722.08833,967.99
828,997.266,254.762,742.5831,225.49
838,997.266,234.192,763.07828,462.42
848,997.266,213.472,783.79825,678.63
858,997.266,192.592,804.67822,873.96
868,997.266,171.552,825.71820,048.25
878,997.266,150.362,846.9817,201.35
888,997.266,129.012,868.25814,333.1
898,997.266,107.52,889.76811,443.34
908,997.266,085.832,911.43808,531.91
918,997.266,063.992,933.27805,598.64
928,997.266,041.992,955.27802,643.37
938,997.266,019.832,977.43799,665.94
948,997.265,997.492,999.77796,666.17
958,997.265,9753,022.26793,643.91
968,997.265,952.333,044.93790,598.98
978,997.265,929.493,067.77787,531.21
988,997.265,906.483,090.78784,440.43
998,997.265,883.33,113.96781,326.47
1008,997.265,859.953,137.31778,189.16
1018,997.265,836.423,160.84775,028.32
1028,997.265,812.713,184.55771,843.77
1038,997.265,788.833,208.43768,635.34
1048,997.265,764.773,232.49765,402.85
1058,997.265,740.523,256.74762,146.11
1068,997.265,716.13,281.16758,864.95
1078,997.265,691.493,305.77755,559.18
1088,997.265,666.693,330.57752,228.61
1098,997.265,641.713,355.55748,873.06
1108,997.265,616.553,380.71745,492.35
1118,997.265,591.193,406.07742,086.28
1128,997.265,565.653,431.61738,654.67
1138,997.265,539.913,457.35735,197.32
1148,997.265,513.983,483.28731,714.04
1158,997.265,487.863,509.4728,204.64
1168,997.265,461.533,535.73724,668.91
1178,997.265,435.023,562.24721,106.67
1188,997.265,408.33,588.96717,517.71
1198,997.265,381.383,615.88713,901.83
1208,997.265,354.263,643710,258.83

First 120 of 240 rows.

Yearly summarytable
yearinterestprincipalendingBalance
189,240.0118,727.11981,272.89
287,483.2820,483.84960,789.05
385,561.7522,405.37938,383.68
483,459.9824,507.14913,876.54
581,161.0326,806.09887,070.45
678,646.4529,320.67857,749.78
775,895.9732,071.15825,678.63
872,887.4735,079.65790,598.98
969,596.7538,370.37752,228.61
1065,997.3441,969.78710,258.83
1162,060.2945,906.83664,352
1257,753.9150,213.21614,138.79
1353,043.5754,923.55559,215.24
1447,891.3560,075.77499,139.47
1542,255.8265,711.3433,428.17
1636,091.6771,875.45361,552.72
1729,349.2678,617.86282,934.86
1821,974.3685,992.76196,942.1
1913,907.6494,059.48102,882.62
205,084.22102,882.620

Its 11 worked examples are re-run on every release, last on 15 September 2026. What changed

Sources and references

5 sources
Standard annuity-immediate payment formula, PMT = P i / (1 - (1+i)^-n)
Equivalent to the Excel PMT function and to the actuarial present value of a level annuity.
12 CFR Part 1026 (Regulation Z), Appendix J - Annual Percentage Rate Computations
Consumer Financial Protection Bureau, "What is a balloon payment? When is one allowed?"
A balloon loan is amortised on a longer schedule than its term, leaving the outstanding balance due in one payment at the end of the term.
13 CFR 120.212 - What limits are there on the maturities of 7(a) loans?
Source for the maturity defaults used by the SBA variant. Rates and guaranty fees are lender- and programme-specific and stay user inputs.
26 U.S.C. 72(p)(2)(B) - repayment period for a loan from a qualified employer plan
Source for the five-year repayment default used by the 401(k) variant (longer terms are permitted only for a principal-residence loan).

Keep this result

Save it, change one figure, then compare the two

The calculation stays free. Save this scenario, adjust one assumption, save that too, and put them side by side to see exactly what the change costs you. A free account keeps 5 scenarios and 2 comparisons; Personal makes both unlimited and adds exports and private links. Nothing is saved unless you press Save.

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What the EMI Calculator calculates

Computes the level payment, total interest and full amortisation schedule for an instalment loan, and solves the same annuity equation backwards for the rate, the term or the amount that can be borrowed. Handles extra principal, balloon structures and fees withheld at closing.

How to use this EMI Calculator

Enter Loan amount, Annual interest rate, Term - additional months and Extra payment each period. Payment updates as you type. Change one figure at a time to see what drives the result.

How the result is worked out

Open “How this is worked out” beside the result for the step-by-step calculation behind Payment, Total interest and Total of payments.

The method follows Standard annuity-immediate payment formula, PMT = P i / (1 - (1+i)^-n), 12 CFR Part 1026 (Regulation Z), Appendix J - Annual Percentage Rate Computations, Consumer Financial Protection Bureau, "What is a balloon payment? When is one allowed?", 13 CFR 120.212 - What limits are there on the maturities of 7(a) loans? and 26 U.S.C. 72(p)(2)(B) - repayment period for a loan from a qualified employer plan.

What you can compare

Change one input at a time to see how it affects Payment, Total interest and Total of payments. The inputs you can vary are Loan amount, Annual interest rate, Term - additional months and Extra payment each period.

Results are general information, not financial, tax, legal, medical or engineering advice. Check any decision that matters with a qualified professional.

Embed this calculator on your website

Copy this code into any page. The calculator appears with the figures currently entered, sizes itself to fit, and a small credit line links back here. Free, no account, no ads inside it, no tracking of your readers. Set your own figures and fixed fields; Personal removes the credit line, sets your colour and shows you which sites use it.

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Frequently asked questions

What information do I need for the EMI Calculator?

You need Loan amount, Annual interest rate, Term - additional months and Extra payment each period. The page opens with default figures that give payment of 8,997.26, so you can see the scale before entering your own.

What does this EMI Calculator show?

It shows Payment, Total interest, Total of payments, Number of payments, Payoff time, Rate per period, Interest per unit borrowed and Interest saved by extra payments, with the working and any warnings for your entries.

Can I check how the EMI Calculator result was calculated?

Yes. The “How this is worked out” section shows the calculation steps, and the sources section identifies the references used for the method.

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