Toolkeel

Loan and EMI calculator

See what a car loan, personal loan or mortgage will cost each month and in total, and how much of each payment goes to interest.

  • Free
  • Private
  • No sign-up
Monthly payment (EMI)

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Total interest

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Total amount paid

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Principal —
Interest —

Yearly summary

YearPrincipal paidInterest paidBalance
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How to use it

  1. Enter the amount, annual interest rate and term.

  2. Read the monthly payment, total interest and total cost.

  3. Review the yearly table or download the monthly schedule.

About this tool

The calculator uses the standard formula for a fixed-rate amortising loan with monthly payments: EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the amount borrowed, r is the monthly rate (annual rate ÷ 12) and n is the number of months. Early payments are mostly interest; later ones mostly repay the principal, as the yearly table shows.

Real loans can include arrangement fees, insurance and different compounding rules. Some lenders in the region quote a "flat rate", which makes the true cost much higher than the same reducing-balance rate. Ask your lender for the APR or reducing-balance rate.

Good to know

  • Fixed rate, monthly payments, reducing balance. Flat-rate loans are not modelled.
  • Fees, insurance and taxes are not included.
  • For information only; not financial advice.

Frequently asked questions

How is EMI calculated?

EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), with r the monthly interest rate and n the number of months. This calculator does it for you.

What is the difference between a flat rate and a reducing rate?

A flat rate charges interest on the original amount for the whole term; a reducing rate charges it only on what you still owe. A 4% flat rate costs roughly as much as a 7.4% reducing rate over five years.

Does paying extra reduce total interest?

Usually yes, because interest is charged on the remaining balance. Check whether your lender charges early-settlement fees.

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Last updated 2026-10-20 by the Toolkeel team. How we build and check our tools.