What is the EMI Calculator & Loan Planner?
EMI Calculator & Loan Planner by Assignment Lab is a free online tool. Calculate your loan EMI, total interest and full repayment schedule. See how much an extra monthly payment saves you.
At a glance
- Price
- Free. No sign-up, no watermark.
- Works on
- Phone, tablet and computer, in any modern browser.
- Privacy
- Runs in your browser. Your text and files are not uploaded.
- Made by
- Assignment Lab, free tools for students in India.
How to use the emi calculator
- Set the loan amount, the interest rate and the number of years.
- Your EMI, total interest and total cost update instantly, with a schedule for every year.
- Add an extra monthly payment to see how many months and how much interest you save.
Frequently asked questions
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of months.
Does paying extra really help?
Yes. Extra money goes straight to the principal, so less interest builds up every month after that.
Is it free?
Yes. The EMI Calculator & Loan Planner on Assignment Lab is completely free with no sign-up, and it works right in your browser. Nothing you type or add is uploaded.
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