Loan EMI Calculator
Calculate your monthly EMI, view detailed amortization schedule, compare loan scenarios, and plan prepayments to save on interest.
Loan Details
Enter your loan information below
EMI Breakdown
Your monthly payment details
Monthly EMI
$2,051.65
$100,000.00
$23,099.19
$123,099.19
60
Tips to Save on Your Loan
- 1.Make prepayments whenever possible - even small amounts add up over time
- 2.Consider balance transfer to a lower interest rate loan if available
- 3.Choose shorter loan tenure if you can afford higher EMIs
- 4.Use bonuses or windfalls for lump sum prepayments
Frequently Asked Questions
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay to the lender each month until the loan is fully repaid. It includes both principal and interest components.
How is EMI calculated?
EMI is calculated using the formula: EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is principal, r is monthly interest rate, and n is the number of months.
Should I reduce tenure or EMI when prepaying?
Reducing tenure saves more interest overall, while reducing EMI provides immediate cash flow relief. Choose based on your financial goals and situation.
About This Tool
Calculate your monthly EMI for any loan — personal, car, education, whatever. Plug in the amount, interest rate, and tenure, and see exactly what you'll pay each month. I made this because bank EMI calculators always seem designed to hide the total interest you're paying.
How to Use
- 1Enter your loan amount
- 2Set the annual interest rate
- 3Choose the loan tenure in months or years
- 4See your monthly EMI, total interest, and total payment
Why Use This?
Before you sign any loan agreement, you need to know the real cost. That 8% interest rate doesn't sound bad until you see you're paying almost as much in interest as the original loan. This tool shows you the full picture.