Use this free Loan EMI Calculator to calculate your monthly EMI, total interest payable, total payment and a complete month-wise amortization schedule. Works for home loans, car loans, personal loans, education loans and business loans. You can even export the EMI schedule to CSV for further analysis.
ℹ️ This EMI calculator is for estimation only. Actual EMI, charges and schedule may differ as per your lender’s terms.
Enter loan details above and click Calculate EMI to view the month-wise amortization schedule.
This EMI calculator is designed to be simple yet powerful. It not only shows your monthly EMI, but also generates a full month-wise schedule with principal and interest split.
EMI (Equated Monthly Installment) is calculated using a standard formula used by banks and financial institutions.
EMI = [P × R × (1+R)N] / [(1+R)N − 1]
Where:
In the beginning of the loan, a larger portion of your EMI goes towards interest. Over time, the interest portion reduces and the principal portion increases. The amortization schedule generated by this calculator shows this month-by-month split clearly.
This EMI calculator is built to help you make smarter borrowing decisions by giving you full transparency into your repayments.
This EMI calculator supports almost any fixed-rate loan including:
Note: This calculator assumes a fixed interest rate. For floating rate loans, use the current rate to estimate your EMI.
Try to keep your total EMIs below 40% of your monthly income so that you can comfortably manage other expenses and savings.
Longer tenure = lower EMI but higher total interest. Shorter tenure = higher EMI but much lower interest. Use this calculator to compare options side-by-side.
Even a small one-time prepayment can reduce your outstanding principal and save significant interest over the loan tenure. Check your lender’s prepayment rules before paying extra.
A difference of even 0.5% in interest rate can save you a lot in the long run. Compare multiple lenders before finalizing your loan.
EMI is calculated using the standard formula EMI = [P × R × (1+R)N] / [(1+R)N − 1], where P is the loan amount, R is the monthly interest rate, and N is the number of months.
An amortization schedule is a month-wise table that shows each EMI, how much of it goes to interest, how much goes to principal, and the remaining loan balance after each payment.
Yes. After you calculate EMI, click the Export Schedule as CSV button to download the full month-wise schedule in CSV format. You can open it in Excel or Google Sheets.
Yes. The Devine Tools Loan EMI Calculator is completely free, with no registration or hidden charges.
Absolutely. You can use it for home, car, personal, business, and education loans as long as the interest rate is fixed.
In most cases it will be very close, but lenders may include additional fees, insurance, or rounding differences. Always confirm the final EMI with your bank or NBFC.
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Planning a new loan? Use the Devine Tools Loan EMI Calculator to understand EMIs, interest costs, and repayment schedule before you apply.