Loan EMI Calculator
Calculate your EMI, interest costs, and repayment schedule
Loan Repayment Details | |
| Monthly Payment (EMI) | |
$0 | |
| Total Interest | |
| $0 | |
| Total Payment | |
| $0 |
Yearly Repayment Schedule
| Year | Principal Paid | Interest Paid | Total Payment | Remaining Balance |
|---|
Understanding Loan Repayment
A loan calculator helps you understand the complete cost of borrowing by calculating your Equated Monthly Installment (EMI) and showing the breakdown of principal and interest payments over the loan term. It provides financial clarity before borrowing.
EMI Calculation Formula
EMI = [P × r × (1 + r)n] / [(1 + r)n - 1]
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Loan term in months
Smart Borrowing Tip
A longer loan term reduces your EMI but increases total interest paid. Try to choose the shortest term you can afford to minimize interest costs.
Types of Loans and Their Features
| Loan Type | Interest Rate | Typical Term | Key Features |
|---|---|---|---|
| Personal Loan | 10-24% | 1-5 years | Unsecured, quick disbursal |
| Home Loan | 7-9% | 10-30 years | Secured, tax benefits |
| Car Loan | 8-12% | 3-7 years | Secured, lower rates for new cars |
| Education Loan | 8-14% | 5-10 years | Moratorium period available |
Interest Rate Impact
A 1% difference in interest rate on a $2 million, 20-year home loan can change your total interest by $0.28 million! Always negotiate for the best rate.
Loan Repayment Strategies
To Reduce Interest
- Make prepayments when possible
- Choose shorter loan terms
- Opt for fortnightly instead of monthly payments
- Refinance when rates drop significantly
For Better Management
- Keep EMIs ≤ 40% of monthly income
- Maintain emergency funds for 6-12 EMIs
- Use bonuses/windfalls for prepayments
- Monitor loan statements regularly
Prepayment Strategy
Making just one extra EMI payment each year on a 20-year loan can reduce the term by ~5 years and save ~25% in interest!
How to Use This Loan EMI Calculator
This calculator helps you determine your monthly loan payment (EMI), total interest payable, and total repayment amount. Follow the steps below:
- Loan Amount ($): Enter the total amount you want to borrow. This is the principal amount of the loan.
- Interest Rate (% p.a.): Input the annual interest rate charged by your lender.
- Loan Term: Specify how long you will take to repay the loan.
- Term Type: Choose whether your loan term is in years or months.
- Years: Select this for long-term loans like home loans or car loans.
- Months: Use this for short-term loans or when exact months are known.
- Click "Calculate Loan Details": The calculator will display:
- Monthly EMI: The fixed payment you'll make each month.
- Total Interest: The total interest paid over the loan term.
- Total Payment: Total amount paid (principal + interest).
- Yearly Repayment Schedule: A table showing yearly breakdown of principal, interest, and balance.
- Export to PDF: Save or print your loan details by clicking the "Export to PDF" button.
- Reset Calculator: Use the reset button to clear all inputs and results to start a new calculation.
Tip: Try adjusting the loan term or interest rate to see how it affects your EMI and total interest. Longer terms reduce EMI but increase total interest.