Loan EMI Calculator
Calculate your Equated Monthly Installment (EMI) for various types of loans
Select Loan Type
Home Loan
Car Loan
Personal
Education
Business
Other
Loan Details
The total amount you wish to borrow
$
$1,000
$10,000,000
Annual interest rate for your loan
%
0.1%
30%
The duration of your loan
1
30
When your loan begins
Loan Summary
Monthly Payment (EMI)
$0
Total Interest
$0
Total Payment
$0
Payment Breakdown
Principal vs. Interest
Balance Reduction Over Time
Amortization Schedule
Yearly Summary
| Year | Principal Paid | Interest Paid | Total Payment | Balance |
|---|
Monthly Details
| Month | Payment Date | EMI | Principal | Interest | Balance |
|---|
How to Use Loan EMI Calculator
Step 1: Select Your Loan Type
Choose the type of loan you're planning to take. This helps contextualize your results with typical rates and terms for that loan category.
Step 2: Enter Loan Details
- Loan Amount: The principal amount you wish to borrow from the lender.
- Interest Rate: The annual interest rate offered by your lender (in percentage).
- Loan Tenure: The duration for which you'll be repaying the loan (in years or months).
- Start Date: Optional - The date when your loan begins (used for the amortization schedule).
Step 3: Calculate and Analyze Results
Click the "Calculate EMI" button to see your results:
- Monthly EMI: The fixed amount you need to pay each month.
- Total Interest: The total interest you'll pay over the loan tenure.
- Total Payment: The total amount (principal + interest) you'll pay by the end of the loan tenure.
- Visual Charts: Graphical representations of your loan breakdown and balance reduction.
Step 4: Review the Amortization Schedule
The amortization schedule provides a detailed breakdown of your loan payments:
- Yearly Summary: Shows how much principal and interest you pay each year, and your remaining balance.
- Monthly Details: Click to expand and see a month-by-month breakdown of each payment.
Understanding EMI Calculation
EMI (Equated Monthly Installment) is calculated using the formula:
EMI = [P × R × (1+R)^N]/[(1+R)^N-1]
- P = Principal loan amount
- R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- N = Total number of monthly installments (Tenure in years × 12)
Tips for Using the Calculator
- Try different combinations of loan amount, interest rate, and tenure to find a monthly payment that fits your budget.
- Use the charts to understand how much of your payment goes toward interest versus principal.
- Review the amortization schedule to see how your loan balance decreases over time.
- If you're comparing loans, the lower the total interest, the better the deal in the long run.
This calculator is for informational purposes only and provides approximate figures. Actual loan terms may vary.