💰 Loan Calculator
Calculate EMI, interest, and monthly payments for your loan. Perfect for home loans, car loans, and personal loans.
Monthly EMI
Payment Breakdown
What is a Loan Calculator?
A loan calculator helps you calculate monthly EMI (Equated Monthly Installment), total interest, and total payment for any loan. Perfect for home loans, car loans, personal loans, and more. Understanding your loan payments before committing helps you make informed financial decisions.
How to Use This Loan Calculator
- Set Loan Amount: Adjust the slider to your desired loan amount ($1,000 to $10,000,000)
- Set Interest Rate: Enter the annual interest rate (0.1% to 30%)
- Set Loan Term: Choose the loan duration in years (1 to 30 years)
- View Results: Monthly EMI and total costs are calculated automatically
- Review Breakdown: See detailed payment breakdown below the results
EMI Calculation Formula
EMI Formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual rate / 12 / 100)
- N = Number of monthly installments (Years × 12)
Example: $100,000 Loan at 7.5% for 20 Years
- Monthly EMI: $805
- Total Payment: $193,200
- Total Interest: $93,200
- Number of Payments: 240
Types of Loans
- Home Loan: Long-term loans for purchasing property (15-30 years)
- Car Loan: Medium-term loans for vehicles (3-7 years)
- Personal Loan: Short to medium-term unsecured loans (1-5 years)
- Education Loan: Loans for higher education (5-15 years)
- Business Loan: Loans for business purposes (1-10 years)
Tips for Better Loan Management
- Compare Rates: Shop around for the best interest rates
- Larger Down Payment: Reduce loan amount with a bigger down payment
- Shorter Term: Pay less interest with a shorter loan term
- Prepayment: Make extra payments to reduce interest
- Good Credit Score: Maintain good credit for better rates
Frequently Asked Questions
Q: What is EMI?
A: EMI (Equated Monthly Installment) is the fixed amount you pay every month towards your loan repayment.
Q: Can I prepay my loan?
A: Most loans allow prepayment, but check for prepayment penalties with your lender.
Q: How does interest rate affect EMI?
A: Higher interest rates result in higher EMI and more total interest paid over the loan term.
Q: What types of loans can I calculate?
A: This calculator works for home loans, car loans, personal loans, education loans, and business loans.