Loan Calculator
Calculate your monthly loan payments and see the total cost of borrowing.
- Free Online Tool
- Instant Results
- Mobile Friendly
- No Installation
- Secure & Private
Understanding This Calculator
EMI Calculation Formula
Equated Monthly Installment (EMI) is calculated using the reducing balance method.
E = P × r × (1 + r)^n / ((1 + r)^n - 1)
- E: EMI Amount
- P: Principal Loan Amount
- r: Monthly Interest Rate (Annual Rate / 12 / 100)
- n: Loan Tenure in Months
Example 1: Home Loan
$200,000 loan for 30 years at 4% annual interest.
- P = 200,000, r = 0.00333, n = 360
- EMI: $954.83
- Total Payment: $343,739
Example 2: Car Loan
$20,000 loan for 5 years at 6% annual interest.
- P = 20,000, r = 0.005, n = 60
- EMI: $386.66
- Total Payment: $23,199
How to Use
- Enter Loan Amount, Rate, and Term.
- Click Calculate to see your EMI.
Frequently Asked Questions
Can I rely on these financial figures?
This tool provides estimates based on your inputs. For improving financial decisions, please consult a professional advisor.
Is this calculator free to use?
Yes, this calculator is 100% free and does not require any registration or subscription.
Is it mobile-friendly?
Absolutely! Our tool is optimized for all devices, including mobile phones, tablets, and desktop computers.