EMI Calculator
About EMI Calculator
EMI Calculator — calculate your Equated Monthly Installments for home loans, car loans, or personal loans. Plan your finances better by understanding monthly payments, total interest, and loan repayment schedules with interactive charts and detailed amortization tables.
How to use the EMI Calculator
- Enter your loan amount (e.g., ₹25,00,000 for a home loan).
- Provide the annual interest rate (e.g., 8.5%).
- Select the loan type: Floating (variable rate) or Fixed (constant rate).
- Enter the loan tenure in months (e.g., 240 months for 20 years). The calculator automatically displays the equivalent years and months.
- Click Calculate EMI to view your monthly EMI, total interest payable, interactive charts, and complete month-by-month amortization schedule.
Example Calculation
For a loan of ₹25,00,000 at 8.5% annual interest for 240 months (20 years) with a floating rate, your monthly EMI would be approximately ₹21,624. Over the loan period, you'll pay about ₹26,89,760 as interest, making the total payment around ₹51,89,760.
Understanding EMI Components
- Principal — The original loan amount you borrow.
- Interest — The cost of borrowing, calculated on the reducing balance.
- EMI — Fixed monthly payment comprising both principal and interest.
- Loan Type — Floating rates may change over time, while fixed rates remain constant throughout the tenure.
- Early payments have higher interest components, later payments have higher principal components.
Visual Insights
- Pie Chart — Visualize the split between principal amount and total interest paid.
- Yearly Amortization Chart — See how much principal vs interest you pay each year with a stacked bar chart.
- Monthly Breakdown Table — View detailed month-by-month breakdown showing opening balance, EMI, principal paid, interest paid, and closing balance.
FAQs
How is EMI calculated?
EMI is calculated using the formula: EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of months.
What's the difference between fixed and floating rates?
Fixed rates remain constant throughout the loan tenure, providing predictable EMIs. Floating rates can change based on market conditions, which may increase or decrease your EMI over time.
Will prepayment reduce my EMI?
Prepayment reduces your principal amount. You can choose to either reduce your EMI while keeping the tenure same, or reduce the tenure while keeping EMI constant. Check the amortization table to see the impact.
What's better: shorter or longer tenure?
Shorter tenures have higher EMIs but lower total interest. Longer tenures have lower EMIs but you pay more interest overall. Use the calculator to compare different tenures and choose based on your monthly budget and financial goals.
Use this calculator as a planning tool — always verify exact figures with your lender before committing to a loan. The interactive charts and detailed tables help you make informed decisions about your loan.