EMI Calculator
Calculate your monthly loan installment for any loan type. Helps you budget monthly payments for home, auto, personal, or education loans.
EMI Calculator
Result
How it works
Formula Used
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1] P = principal, r = monthly rate (annual/12/100), n = tenure in months
Smart Tips
- Check if extra payments reduce tenure or EMI
- Compare interest rates from multiple banks
- Factor in processing fees separately
Best Used For
Plan home loan, car loan, personal loan budgeting
FAQs
Can I pay extra principal without affecting EMI?
Yes, most banks allow prepayment. Extra payments reduce your principal balance and total interest paid. You can choose to keep EMI same and reduce tenure, or keep tenure same and reduce EMI. Check your loan agreement.
What's the difference between floating and fixed rate loans?
Fixed rate: EMI stays constant throughout. Floating rate: EMI changes when repo rates change. Floating rates start lower but can increase, making budget unpredictable. Fixed offers certainty but higher initial rate.
Why does interest comprise most of early payments?
Interest is calculated on remaining balance first, then principal. Early EMIs have high interest because balance is high. As you pay down principal, interest decreases and principal portion of EMI increases.
Should I include processing fees and insurance in EMI?
No, include only loan amount + interest rate. Processing fees (typically 0.5-1% of loan) are one-time, paid upfront. Loan insurance is separate. Calculate them independently and add to total cost of borrowing.
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