Loan EMI Calculator
Calculate your monthly EMI, total interest, and payment schedule for any loan. Enter your loan amount, interest rate, and tenure to get instant results with detailed breakdown and payment analysis.
💰 Loan Details
📊 EMI Calculation Results
Ready to Calculate Your EMI
Enter your loan details above to calculate your monthly EMI, total interest, and get a complete payment breakdown!
How to Use the EMI Calculator
Enter Loan Amount
Input your desired loan amount using the text field or drag the slider. You can also use the quick amount buttons for common loan values like $50K, $100K, or $500K for faster input.
Set Interest Rate
Enter the annual interest rate offered by your lender. Use the slider for quick adjustments or type the exact rate. The calculator accepts rates from 0.1% to 50% for various loan types.
Choose Tenure
Select your loan tenure in years or months using the toggle buttons. Enter the duration using the input field or slider. Longer tenure means lower EMI but higher total interest.
View Results
Click "Calculate EMI" to see your monthly payment, total interest, and payment breakdown. The visual chart shows the principal vs interest ratio for better understanding.
Frequently Asked Questions
How is EMI calculated and what formula is used?
+EMI is calculated using the formula: 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 ÷ 12), and N is the number of monthly installments. Our calculator uses this standard banking formula to ensure accurate results that match what banks and financial institutions use.
What's the difference between reducing and flat interest rates?
+Our calculator uses the reducing balance method, which is the standard for most loans. In this method, interest is calculated on the outstanding principal amount, which decreases with each payment. Flat rate method calculates interest on the original principal throughout the loan term, resulting in higher effective interest rates. Always confirm with your lender which method they use.
How does loan tenure affect my total interest payment?
+Longer tenure reduces your monthly EMI but increases the total interest paid over the loan's lifetime. For example, a $100,000 loan at 8% for 15 years costs less in total interest than the same loan for 30 years, even though the monthly payment is higher. Use our calculator to compare different tenure options and find the right balance for your budget.
Can I use this calculator for different types of loans?
+Yes! This calculator works for any loan with fixed interest rates and equal monthly payments, including home loans, personal loans, car loans, and business loans. However, it doesn't account for variable interest rates, processing fees, insurance, or other charges that might be part of your loan agreement. Always check your loan agreement for complete cost details.
What should I consider when choosing my EMI amount?
+Financial experts recommend that your total EMIs (including all loans) shouldn't exceed 40-50% of your monthly income. Consider your other expenses, emergency fund needs, and future financial goals. A lower EMI gives you more financial flexibility, while a higher EMI helps you save on total interest. Use our calculator to find an EMI that fits comfortably within your budget.