About Loan / EMI Calculator

Calculate monthly payments, total interest, and amortization. Part of the DevTools Surf developer suite. Browse more tools in the Calculators collection.

Use Cases

• Estimating monthly payments before committing to a car loan
• Comparing mortgage scenarios when buying a first home
• Projecting total interest paid over different loan terms
• Validating financial calculation logic in a fintech application

Tips

• Adjust the term slider to see how duration affects total interest
• Review the amortization table for month-by-month breakdowns
• Compare two scenarios by changing the interest rate

Fun Facts

• The concept of charging interest on loans dates back to ancient Sumer around 3000 BCE, where barley and silver were lent at regulated rates.
• The 30-year fixed-rate mortgage became standard in the US after the Federal Housing Administration was created in 1934 during the Great Depression.
• The formula for EMI (Equated Monthly Installment) uses the same compound interest math that Jacob Bernoulli explored in 1683.

FAQ

EMI means what?

Equated Monthly Installment — the fixed monthly payment on a loan. Same amount each month; ratio of principal vs interest changes over time.

What's the amortization schedule?

Table showing each month's payment breakdown: principal paid, interest paid, remaining balance. Useful for understanding how loans actually work.

Can I model extra payments?

Yes — toggle extra principal per month, per year, or one-time. The schedule updates showing how much faster the loan finishes.

Interest-only loans?

Supported — toggle to interest-only phase. Common for some mortgages (5-year IO, then refinance). Shows the balloon at the end.