Loan EMI Calculator
Calculate your monthly EMI and total interest payable.
Loan Details
Monthly EMI
Total Payment Breakdown
What is an EMI Calculator?
An EMI (Equated Monthly Installment) Calculator is a financial tool that helps you calculate the fixed monthly amount you need to pay towards your loan repayment. This amount consists of two parts: the principal (the original loan amount) and the interest (the cost of borrowing). Understanding your EMI is crucial for budget planning before taking a Home Loan, Car Loan, or Personal Loan.
The mathematical formula for EMI calculation is `E = [P x R x (1+R)^N] / [(1+R)^N-1]`, where `P` is the Principal loan amount, `R` is the monthly interest rate, and `N` is the number of monthly installments. While the EMI amount remains constant throughout the loan tenure (assuming a fixed interest rate), the composition changes: in the early years, a large portion of your EMI goes towards interest, while in later years, the majority goes towards paying down the principal.
Our calculator visualizes this split using a dynamic Pie Chart, showing you exactly how much extra money (Total Interest) you are paying over the life of the loan. For long-term loans like Home Loans (20-30 years), the total interest payable can often exceed the original loan amount itself! Seeing this breakdown helps you make informed decisions, such as opting for a shorter tenure or making prepayments to reduce the interest burden.
This tool supports both Monthly and Yearly tenure inputs for flexibility and automatically adapts to your local currency. It provides instant feedback, allowing you to tweak the 'Loan Amount' or 'Tenure' sliders to find an EMI that fits comfortably within your monthly budget.
1How to Use
- Loan Amount: Enter the total amount you wish to borrow using the slider or input box.
- Interest Rate: Input the annual interest rate (p.a.) offered by your bank. (e.g., 8.5% for Home Loans, 10-12% for Car Loans).
- Loan Tenure: Select how long you want to take to repay the loan. You can switch between 'Years' and 'Months'.
- Instant Calculation: The Monthly EMI is calculated automatically as you adjust inputs.
- Review Breakdown: Check the 'Total Payment Breakdown' pie chart to see the ratio of Principal vs. Interest.
- Summary Table: Review the final figures: Total Interest, Principal, and total amount payable.
★Key Features
- Instant Precision: Uses the industry-standard banking formula for accurate EMI prediction.
- Visual Analytics: Interactive Pie Chart clearly illustrates the cost of borrowing.
- Dual Tenure Modes: Seamlessly switch between Years (e.g., 20 years) and Months (e.g., 240 months).
- Local Context: Automatically detects and displays your local currency symbol.
- Slider Controls: Easy-to-use sliders for quick 'what-if' scenario testing.
- Mobile Optimized: Designed for quick calculations on your phone while visiting a bank or dealer.