Loan & EMI Calculator
Calculate your monthly installment and view the full amortization schedule.
60 months
Monthly Payment (EMI)
$400.76
$24,045.54
Total Payment
$4,045.54
Total Interest
Principal vs. Interest
Frequently Asked Questions
What is EMI?expand_more
EMI stands for Equated Monthly Installment — a fixed payment amount made every month that covers both principal and interest, ensuring the loan is fully repaid by the end of its term.
How is EMI calculated?expand_more
We use the standard amortization formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly payments.
Why do I pay more interest early in the loan?expand_more
Interest is calculated on the remaining balance each month. Early on, the balance is highest, so more of each payment goes to interest — over time, as the balance shrinks, more goes toward principal.
How does an extra monthly payment help?expand_more
Any amount paid beyond the required EMI goes straight to reducing the principal, which shrinks the balance interest is calculated on for every future month — so it both shortens the loan and cuts total interest paid.