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EMI / Loan Calculator
Calculate your monthly loan payment (EMI), view the full amortization schedule, and see exactly how much a prepayment can save you — for home, car, personal or any loan, in your currency.
Understanding Your Loan
What is EMI?
Equated Monthly Installment — a fixed amount paid every month combining principal repayment and interest, until the loan is fully repaid.
Reducing Balance Method
Interest is calculated on the outstanding balance each month, so the interest portion of your EMI shrinks over time while principal grows.
Why Prepay?
Extra payments go straight to principal, cutting the interest you'd otherwise pay over the remaining tenure — often saving lakhs on long-term loans.
Config Files
Store binary data or special characters safely in JSON, YAML and environment variable config files.
How to Use the EMI / Loan Calculator
Enter Loan Details
Type or slide to set your loan amount, annual interest rate, and tenure in years or months. EMI updates instantly.
Check the Breakdown
See the principal vs. interest split in the donut chart, plus total interest and total payment over the loan life.
View the Schedule
Switch to Amortization Schedule to see a year-by-year or month-by-month table, and export it as a CSV file.
Simulate a Prepayment
Switch to Prepayment Impact, enter an extra amount, and see how much interest and time you could save by paying it off faster.
Frequently Asked
Questions
1. How is EMI calculated?
EMI is calculated using the formula EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments (tenure in months). This calculator applies the standard reducing-balance method used by nearly all banks and NBFCs.
2. Does a higher interest rate always mean a higher EMI?
Yes — for the same loan amount and tenure, a higher interest rate always increases the EMI, because more of each installment goes toward interest. Extending the tenure can lower the EMI but increases total interest paid over the life of the loan.
3. What's the difference between "Reduce Tenure" and "Reduce EMI" prepayment strategies?
“Reduce Tenure” keeps your EMI the same but uses extra payments to close the loan faster, which saves the most total interest. “Reduce EMI” recalculates a lower EMI for the remaining tenure after each prepayment, which improves monthly cash flow but saves somewhat less interest overall.
4. Why does the interest portion of my EMI decrease over time?
Under the reducing-balance method, interest is charged only on the outstanding loan balance. As you repay principal each month, the balance shrinks, so the interest component of each subsequent EMI gets smaller while the principal component grows — even though the EMI itself stays constant.
5. Is this EMI calculator accurate for home, car, and personal loans?
Yes, the reducing-balance EMI formula used here applies to home loans, car loans, personal loans, and most other amortizing loans. Note that actual bank EMIs may vary slightly due to processing fees, insurance add-ons, or rounding conventions specific to the lender.
6. Is my loan data private? Is anything sent to a server?
100% private. All EMI, amortization, and prepayment calculations run entirely in your browser using JavaScript. Nothing you enter — loan amount, interest rate, or tenure — is ever sent to any server.
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