What is the Loan & EMI Calculator?
The free online Loan & EMI Calculator helps you determine your exact monthly payments for mortgages, car loans, and personal loans. It calculates your Equated Monthly Installment (EMI), total interest payable, and the total cost of the loan.
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. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
Understanding Principal vs Interest
In the early years of a long-term loan (like a mortgage), a large portion of your monthly EMI goes toward paying off the interest, and only a small portion reduces the principal balance. As the loan matures, this ratio flips. Our visual progress bar helps you see exactly what percentage of your total payments will be eaten up by interest.
How to use this tool
- Enter the total Loan Amount you are borrowing.
- Enter the Annual Interest Rate provided by your bank or lender.
- Enter the Loan Term and select whether it is in Years or Months.
- The calculator will instantly display your monthly payment (EMI) and a visual breakdown of how much of your money goes to the principal versus interest.