Loan & EMI Calculator
Calculate monthly loan payments, equated monthly installments (EMI), interest totals, and amortization schedules.
Repayment Details
Equated Monthly Installment
Reducing balance (Equated Monthly Installment) formula uses: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1) , where P = Principal, r = Monthly Interest Rate (annual rate / 12 / 100), and n = number of monthly installments.
Example calculation: A loan of $10,000 at 7.5% annual interest for 5 years (60 months) results in a monthly reducing-balance payment of $200.38, and total interest of $2,022.75.
About our Loan & EMI Calculator
Free online EMI calculator, loan calculator online, home loan emi calculator, personal loan emi calculator, car loan emi calculator. Calculate monthly interest payments, track total reducing balance vs flat interest, and view month-by-month principal amortization schedules instantly.
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Frequently Asked Questions
What is an EMI?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
What is the difference between reducing and flat interest rates?
A reducing balance rate calculates interest only on the remaining outstanding principal, whereas a flat rate calculates interest on the full original loan amount for the entire duration.
What is an amortization schedule?
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off.
Does the calculator include processing fees and other charges?
No. It calculates principal and interest only, so add processing fees, insurance, and prepayment charges separately to see the full cost.
Can I compare different loan offers with this calculator?
Yes. Enter each lender's loan amount, interest rate, and tenure to compare the monthly EMI and total interest side by side before you apply.