🏦 Loan EMI & Mortgage Calculator
Calculate your monthly EMI, total interest, and get a complete amortization schedule for your home loan, personal loan, or mortgage
Loan Details
Quick Loan Presets
Your Loan Summary
Monthly EMI
$0
Fixed monthly paymentPrincipal Amount
$0
Original loan amountTotal Interest
$0
0% of loanTotal Payment
$0
Principal + InterestPayment Breakdown
Amortization Schedule
Payment Schedule
| Payment # | Month/Year | EMI Amount | Principal | Interest | Balance |
|---|---|---|---|---|---|
| Calculate your loan to see the payment schedule | |||||
Why Use Our Loan EMI Calculator?
Instant Results
Get accurate EMI calculations in milliseconds with real-time updates
Visual Analytics
Interactive charts and graphs for better understanding of your loan
Export Options
Download payment schedules in CSV or PDF format
Mobile Friendly
Fully responsive design works perfectly on all devices
How to Calculate Your Loan EMI
Enter Loan Amount
Input the total amount you want to borrow from the lender
Set Interest Rate
Enter the annual interest rate offered by your bank
Choose Tenure
Select the loan repayment period in years or months
Get Results
View EMI, total interest, and complete payment schedule
Understanding the EMI Formula
EMI = P × R × (1 + R)N (1 + R)N − 1
Where:
- EMI = Equated Monthly Installment
- P = Principal loan amount
- R = Monthly interest rate (Annual Rate / 12 / 100)
- N = Total number of monthly payments (Tenure in months)
Example Calculation:
For a loan of $300,000 at 7.5% annual interest for 20 years:
- P = $300,000
- R = 7.5 / 12 / 100 = 0.00625
- N = 20 × 12 = 240 months
- EMI = $2,416.78
Frequently Asked Questions
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. It's 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, and N is the number of monthly payments.
A fixed interest rate remains constant throughout the loan tenure, ensuring your EMI stays the same. A variable (or floating) interest rate changes based on market conditions, which means your EMI can increase or decrease over time. Fixed rates offer stability, while variable rates may offer lower initial rates but carry more risk.
You can reduce your EMI by: 1) Making a larger down payment to reduce the principal, 2) Extending the loan tenure (though this increases total interest), 3) Negotiating a lower interest rate with your lender, 4) Making prepayments when possible to reduce the principal balance, or 5) Refinancing your loan at a lower interest rate.
An amortization schedule is a complete table showing each loan payment over the entire loan term. It breaks down how much of each payment goes toward principal and how much goes toward interest. Early in the loan, most of your payment goes to interest; later, more goes to principal. This schedule helps you understand exactly how your loan will be paid off.
A shorter tenure means higher monthly EMI but significantly less total interest paid over the life of the loan. A longer tenure reduces your monthly EMI, making it more affordable, but you'll pay much more in total interest. Choose based on your monthly budget and long-term financial goals. If you can afford higher EMI, a shorter tenure saves money overall.
Yes, making prepayments can significantly reduce your total interest burden and help you become debt-free faster. When you make a prepayment, it directly reduces your principal balance, which means less interest accumulates over time. However, check with your lender about prepayment penalties or restrictions before making extra payments.
Tips for Getting the Best Loan
- Compare interest rates from multiple lenders before deciding
- Maintain a good credit score (750+) for better rates
- Make a larger down payment to reduce loan amount
- Consider total interest cost, not just monthly EMI
- Read all terms and conditions carefully
- Factor in processing fees and other charges
Common Loan Mistakes to Avoid
- Not comparing offers from different lenders
- Focusing only on EMI without considering total cost
- Ignoring hidden charges and processing fees
- Borrowing more than you actually need
- Not reading the fine print in loan agreements
- Choosing tenure based only on low EMI