A fixed-payment loan calculation depends on both the stated rate and the payment timing. The EMI / Loan Calculator models a constant interest rate with equal monthly payments made in arrears, meaning at the end of each monthly period. It reports the payment, total paid, and total interest for that mathematical model.
Enter principal, annual rate, and payment count
Fill Loan principal with the starting amount. Enter Annual interest rate (%) as a percentage, and Number of monthly payments as a whole number from 1 to 1,200. Choose Calculate. The supported annual rate range is 0 to 100 percent, and the principal must be nonnegative.
Use the same currency throughout. The calculator does not attach a currency symbol or convert between currencies. Months means the number of monthly payments, not a number of years. A five-year term with one payment each month would therefore use 60 payments.
Work through the fixed-payment formula
The monthly rate is r = annual percent / 1200. With principal P and payment count n, the payment is P × r / (1 − (1 + r)^−n). At zero interest, it becomes P / n.
For an illustrative principal of 120,000, annual rate 12%, and 12 payments, r is 0.01. The monthly payment is approximately 10,661.85, total paid is 127,942.26, and total interest is 7,942.26. These are modeled values, not an offer or a quoted borrowing cost.
The tool calculates totals using the unrounded payment, then rounds each displayed amount to two decimal places. Multiplying the displayed payment by twelve can therefore differ by a few hundredths from the displayed total. A lender may instead round each installment and adjust the final payment.
Compare the model with the real terms
This implementation assumes a fixed rate divided into twelve equal monthly rates. It does not model an effective annual yield conversion, variable rates, daily interest accrual, irregular first periods, balloon payments, prepayments, or payment holidays. No fees, taxes, insurance, or other charges are added.
Check a real agreement’s rate definition, schedule, and charges before comparing its numbers with this illustration. A calculator result alone cannot establish the amount contractually payable or whether a loan is suitable for someone.
Calculations happen in the browser, so no account or lender connection is required. Use the Percentage Calculator for separate changes or ratios, and the Compound Interest Calculator for a balance growing without loan repayments. Those formulas answer different timing questions and should not be substituted for the fixed-payment model.