EMI Calculator
Calculate your Equated Monthly Installment (EMI) for any loan. Get detailed amortization schedule, total interest payable, and prepayment analysis to make informed financial decisions.
Complete EMI Analysis Tool
Our advanced EMI calculator helps you plan your loan repayment strategy with precision. Whether you're buying a home, car, or taking a personal loan, our calculator provides comprehensive analysis including monthly EMI, total interest payable, and complete amortization schedule.
Make informed financial decisions with our detailed loan analysis tools including prepayment scenarios, loan comparison features, and affordability calculations. Perfect for borrowers, financial advisors, and loan officers.
Features:
Select Loan Type
Loan Details
EMI Results
EMI Breakdown
Prepayment Analysis
Loan Comparison
Comparison Results
EMI Calculation History
Your EMI calculations will appear here...
EMI Formula & Calculation
EMI Formula:
Where:
- P = Principal loan amount
- r = Monthly interest rate (Annual rate / 12 / 100)
- n = Total number of monthly installments
Example: For a ₹10 lakh loan at 8.5% for 20 years, EMI = ₹8,678
EMI Management Tips
Lower EMI Strategies:
- Increase loan tenure (but pay more interest)
- Make larger down payment to reduce principal
- Compare interest rates from different lenders
- Consider floating vs fixed interest rates
Prepayment Benefits:
- Reduces total interest burden significantly
- Shortens loan tenure
- Improves debt-to-income ratio
Frequently Asked Questions
What is EMI?
EMI stands for Equated Monthly Installment. It's a fixed amount you pay monthly towards your loan, consisting of both principal and interest components.
How is EMI calculated?
EMI is calculated using the formula: P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is tenure in months.
Should I prepay my loan?
Prepayment can save significant interest, especially in early years when interest component is higher. Consider tax benefits and opportunity cost of funds.
Fixed vs Floating interest rates?
Fixed rates remain constant, offering payment predictability. Floating rates change with market conditions and may offer lower initial rates.
What affects EMI amount?
Loan amount, interest rate, and tenure directly affect EMI. Higher loan amount or rate increases EMI, while longer tenure reduces it.
Can I change EMI during loan term?
Most banks allow EMI changes through prepayments, step-up/step-down EMIs, or loan restructuring, subject to terms and conditions.