Loan Calculator — Calculate EMI & Total Loan Cost Free
Calculate EMI and total loan cost
Calculate monthly EMI, total payment, and total interest for any loan. Includes full amortization schedule with breakdown per month.
Monthly EMI
Rs. 22,244
Total Payment
Rs. 1,334,667
Total Interest
Rs. 334,667
About Loan Calculator
A loan calculator computes the monthly payment (EMI), total amount repayable, and total interest cost for any loan given the principal, annual interest rate, and repayment term. Understanding these numbers before committing to a loan is essential for sound financial planning.
The EMI formula — P × r × (1+r)^n ÷ ((1+r)^n − 1) — accounts for compound interest over the loan term. Even a seemingly small difference in interest rate has a significant cumulative impact. For a 30-year mortgage, a 0.5% rate difference can translate to tens of thousands in additional interest.
Common use cases include evaluating mortgage options for home purchases, comparing car loan offers from different lenders, planning personal loan repayments, estimating student loan monthly obligations, and modelling business loan scenarios.
The amortisation schedule provided by this tool shows the breakdown of every monthly payment throughout the loan term — how much goes toward interest versus principal repayment. In the early months of most loans, the majority of each payment covers interest. This gradually shifts as the outstanding principal decreases. Understanding amortisation helps borrowers evaluate the benefit of making extra principal payments to reduce the total interest paid. All calculations are performed locally — no data is submitted anywhere.
Frequently Asked Questions
What is EMI?
EMI stands for Equated Monthly Instalment — the fixed amount you pay each month to repay a loan over a defined period. It includes both the principal repayment and the interest component.
How is the monthly payment calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments.
What does the amortisation schedule show?
The amortisation schedule breaks down each monthly payment into its principal and interest components. In early payments, most of the EMI goes toward interest; as the loan matures, a greater proportion repays principal.
Does a higher down payment reduce monthly payments?
Yes. A larger down payment reduces the principal (P), which directly lowers the EMI and the total interest paid over the loan term.