Loan EMI Calculator
Amortization Schedule
Loan EMI Calculator – Calculate Your Monthly Payments Easily
The Loan EMI Calculator is a free online tool that helps you calculate your monthly Equated Monthly Installment (EMI) in just a few seconds. Whether you’re planning a home loan, car loan, or personal loan, this calculator provides instant results showing your monthly payment, total interest, and total repayment amount.
It uses a standard formula: EMI = [P × R × (1+R)N] / [(1+R)N – 1], where P is the principal amount, R is the monthly interest rate, and N is the number of months. This helps you estimate how much your loan will cost before you apply.
How to Use the EMI Calculator
- Enter your total loan amount.
- Input the annual interest rate (in %).
- Set the loan tenure in months or years.
- Choose the loan start month and year.
- Click “Check EMI” to get instant results.
You’ll get a full breakdown of monthly EMI, total interest payable, and total repayment. You can even view an amortization schedule that shows how each payment affects your balance.
Why Use an EMI Calculator?
- Plan your budget better before taking a loan.
- Compare multiple loan offers easily.
- Get transparent interest and payment details.
- Works instantly on mobile or desktop.
Frequently Asked Questions (FAQs)
Q1: What is EMI in a loan?
EMI (Equated Monthly Installment) is the fixed amount you pay each month until your loan is fully repaid.
Q2: How is EMI calculated?
EMI is calculated based on the principal amount, interest rate, and loan tenure using a mathematical formula.
Q3: Does EMI include both principal and interest?
Yes, every EMI includes a portion of the principal and the interest.
Q4: Can I reduce my EMI?
You can lower your EMI by increasing the loan tenure or by making a part prepayment on your loan.