Finance & Health Calculator
Free EMI calculator for home loans, car loans, and personal loans. See monthly EMI, total interest, and full amortization schedule. Works for any interest rate and tenure.
How It Works
EMI = P × r × (1+r)^n / ((1+r)^n - 1)Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly installments. This formula ensures equal monthly payments throughout the loan tenure.
Quick Tips
Home Loan Tip
A ₹25 lakh home loan at 8.5% for 20 years = ₹21,698/month EMI. Total interest = ₹27.07 lakh (more than the loan itself!).
Prepayment Saves
A single ₹1 lakh prepayment in year 3 of a 20-year home loan can save ₹3+ lakh in interest and cut 2 years off your loan.
Shorter Tenure
Choosing 15 years instead of 20 reduces total interest by 35%, even though EMI increases only 15%.
Car Loan Rates
Car loan rates in India range from 7-11%. Even a 1% difference on a ₹10 lakh loan saves ₹30,000+ over 5 years.
Step-by-Step Instructions
- 1Enter the loan amount you want to borrow.
- 2Set the annual interest rate offered by your bank.
- 3Enter the loan tenure in months (e.g., 240 for 20 years).
- 4View your monthly EMI, total payment, and year-by-year amortization.
Frequently Asked Questions
What is EMI?▼
EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan. It includes both principal repayment and interest. The EMI remains constant throughout the loan tenure.
How can I reduce my EMI?▼
Three ways: (1) Increase the loan tenure — lower EMI but more total interest, (2) Negotiate a lower interest rate, (3) Make a larger down payment to reduce the principal.
What is an amortization schedule?▼
An amortization schedule shows the breakdown of each EMI payment into principal and interest components. In early years, most of the EMI goes toward interest; in later years, more goes toward principal.
Is part-prepayment beneficial?▼
Yes. Part-prepayments reduce the outstanding principal, which reduces future interest charges. Even small prepayments made regularly can save lakhs over the loan tenure.