Loan & EMI Calculator
Calculate monthly EMI, total interest, and amortization schedule for loans, mortgages, and auto loans.
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Try Mewayz Free →Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay every month toward your loan. It includes both principal and interest and remains constant throughout the loan term.
How is EMI calculated?
EMI = [P × r × (1 + r)^n] / [(1 + r)^n − 1], where P = principal, r = monthly interest rate, n = number of months. Our calculator applies this formula automatically.
Why does early repayment save interest?
Interest is calculated on the outstanding balance. By repaying early, you reduce the balance faster and pay interest on a smaller amount, saving total interest cost.
What's the difference between interest rate and APR?
Interest rate is the yearly percentage charged on the loan. APR (Annual Percentage Rate) includes fees and insurance. APR is usually higher than interest rate alone.