Loan & EMI Calculator
Visualize your debt. See exactly how much interest you will pay over the life of a Mortgage or Car Loan, and learn how to become debt-free faster.
Monthly Payment
Can you actually afford this?
Most experts say your loan payments shouldn't exceed 28% of your gross monthly income.
The Interest Trap
In the first 5-10 years of a 30-year mortgage, nearly 70% of your monthly payment goes purely to interest, not paying off your home.
Shorten Your Term
Refinancing from a 30-year to a 15-year loan increases your monthly payment slightly but can cut your total interest cost in half.
Power of Prepayment
Paying just $100 extra per month goes directly to principal. On a typical home loan, this small habit can save you over $30,000 in interest.
Loan FAQs
Q.How is EMI calculated?
EMI (Equated Monthly Installment) is calculated using the formula: P x R x (1+R)^N / [(1+R)^N-1]. P is the Principal, R is the monthly interest rate, and N is the tenure in months. Our calculator automates this complex math instantly.
Q.What is an Amortization Schedule?
An amortization schedule is a table listing each periodic payment on an amortizing loan. It breaks down how much of each payment goes toward Interest vs. Principal. In the early years, you mostly pay interest; in later years, you mostly pay principal.
Q.How much can I save by making extra payments?
Making even one extra EMI payment per year can shave years off your mortgage and save tens of thousands in interest. This is because extra payments go 100% toward reducing the Principal.
Q.What is the difference between Fixed and Floating interest rates?
A Fixed rate remains the same for the entire loan tenure, offering stability. A Floating (or Variable) rate changes with market conditions, which can be cheaper initially but risky if rates rise.
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