Loan EMI Calculator - Calculate Monthly Payments
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay each month to repay your loan. It includes both principal and interest.
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 payments (years × 12)
Example Calculation
Example: Loan of $200,000 at 8% for 30 years
Monthly EMI = $1,467.53
Total Payment = $528,310.80
Total Interest = $328,310.80
Tips to Reduce EMI
- Make a larger down payment
- Choose longer tenure (lower EMI but more total interest)
- Improve credit score for better rates
- Consider refinancing when rates drop
Types of Loans
- Home Loan: Lower rates (5-8%), longer tenure (15-30 years)
- Car Loan: Higher rates (7-15%), shorter tenure (3-7 years)
- Personal Loan: Highest rates (10-20%), shortest tenure (1-5 years)