Loan EMI Calculator
Plan your loan payments with our advanced EMI calculator and amortization schedule.
Monthly EMI
Total Interest: $0
Total Payment: $0
Amortization Schedule
| Month | Principal Paid | Interest Paid | Total Payment | Balance |
|---|
How to Use the Loan EMI Calculator
- Enter Loan Amount: Input the total principal amount you wish to borrow. You can use the slider for quick adjustments or type the exact value.
- Set Interest Rate: Enter the annual interest rate for the loan.
- Define Loan Tenure: Specify the duration of the loan. You can enter it in either years or months by toggling the buttons.
- Calculate: Click the "Calculate EMI" button.
- Analyze Results: The tool will instantly show your monthly EMI, total interest payable, and the total amount you'll pay over the loan's lifetime. A pie chart visually breaks down the principal and interest components.
- Review Schedule: Scroll down to the amortization table for a detailed month-by-month breakdown of your payments, showing how much of each EMI goes towards principal and interest.
About Our Advanced EMI Calculator
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full. Our calculator helps you demystify this process.
By providing a detailed breakdown and a full amortization schedule, this tool empowers you to make informed financial decisions. You can easily compare different loan offers by changing the interest rate and tenure, and see the long-term impact on the total interest you'll pay. This is crucial for planning major purchases like a home, a car, or funding personal projects. All calculations are done in your browser, ensuring your financial data is secure.
Frequently Asked Questions (FAQ)
What is the formula used for EMI calculation?
The calculator uses the standard mathematical formula for EMI: EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ - 1), where:
P is the Principal loan amount,
r is the monthly interest rate (annual rate divided by 12 and then by 100),
n is the number of monthly installments (loan tenure in months).
What is an amortization schedule?
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off. In the beginning, a larger portion of your EMI goes towards interest. As the loan matures, a larger portion goes towards paying down the principal.
How does loan tenure affect my EMI and total interest?
There's a trade-off. A longer tenure reduces your monthly EMI, making payments more manageable, but you end up paying significantly more in total interest over the life of the loan. A shorter tenure increases your monthly EMI but reduces the total interest paid, saving you money in the long run. Use our calculator to find the balance that works best for your budget.