Loan & EMI Calculator
Complete loan analysis: EMI, amortization schedule, prepayment savings, affordability, comparison & payoff timeline.
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The Ultimate Loan Calculator
Taking out a loan is one of the biggest financial decisions you'll make. Our Loan Calculator goes far beyond simple EMI calculation—it's a complete loan analysis tool that helps you understand exactly what you're signing up for.
With 5 powerful modes, you can calculate monthly payments, view full amortization schedules, analyze prepayment savings, determine how much you can afford, and compare different loan options side-by-side.
Whether you're buying a home, car, funding education, or consolidating debt—this tool gives you the complete picture to make informed decisions.
Understanding Our 6 Calculation Modes
Each mode serves a different purpose. If you're new to loans, here's what each one does and why it matters:
1. EMI Calculator
EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay your loan. It includes both principal (the actual amount you borrowed) and interest (the bank's charge for lending you money).
2. Amortization Schedule
Amortization shows how your loan balance decreases over time. In the early years, most of your EMI goes toward interest. As years pass, more goes toward principal. This schedule shows you exactly how much you're paying toward each, every single month.
3. Prepayment Analysis
Prepayment means paying extra money on top of your regular EMI. This extra amount goes directly toward reducing your principal, which means you pay less interest over time and can finish your loan years early.
4. Affordability Calculator
Instead of asking "what's my EMI?", this asks: "How much loan can I take if I can afford ₹X per month?" Enter your comfortable monthly budget and down payment—we calculate the maximum loan amount you can borrow.
5. Compare Loans
Got offers from two banks? Or wondering if a 15-year loan is better than 20-year? This mode shows both options side-by-side—comparing EMI, total interest, and total payment. We tell you which option saves more money.
6. Payoff Date Timeline
This shows you the exact date when your loan will be completely paid off, plus milestones along the way—when you'll be 25%, 50%, and 75% done. Great for visualizing your debt-free date!
Additional Features
EMI Formula (Standard Amortization)
Typical Loan Parameters
| Loan Type | Typical Rate | Typical Term | Secured By |
|---|---|---|---|
| Mortgage | 5-8% | 15-30 years | Property |
| Car Loan | 6-10% | 3-7 years | Vehicle |
| Personal | 10-20% | 1-5 years | Unsecured |
| Student | 4-8% | 10-20 years | Federal/Unsecured |
Save Thousands on Your Loan
Make bi-weekly payments (26 half-payments = 13 monthly payments/year).
Round up payments (e.g., $1,847 → $1,900).
Apply windfalls to principal (tax refunds, bonuses).
Refinance when rates drop (calculate break-even point).
Choose shorter term if you can afford higher EMI.
Improve credit score before applying for better rates.
Things to Watch Out For
Prepayment penalties: Some loans charge fees for paying early.
Hidden fees: Origination, closing costs, processing fees.
Variable rates: Initial low rate may increase significantly.
PMI on mortgages: Required if down payment <20%.
Frequently Asked Questions
How is EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P = Principal, r = monthly interest rate (annual rate/12/100), n = total months. This is the standard amortization formula used by banks worldwide.
What is an amortization schedule?
An amortization schedule shows the breakdown of each loan payment into principal and interest portions over time. Early payments are mostly interest; later payments are mostly principal. Our tool shows monthly and yearly summaries.
How much can I save with prepayment?
Even small extra payments save significant interest. For a $300K mortgage at 6.5%, paying $500 extra monthly can save $100K+ in interest and pay off the loan 10+ years early. Use our Prepayment mode to calculate your exact savings.
What loan amount can I afford?
Use our Affordability mode. Enter your comfortable monthly payment, down payment, rate, and term. We reverse-calculate the maximum loan you can borrow. Add down payment to get total buying power.
Should I choose a 15-year or 30-year mortgage?
15-year: Higher EMI but much less total interest, faster equity build. 30-year: Lower EMI but significantly more interest over time. Use our Compare mode to see exact differences. A 30-year can cost 2x the interest of a 15-year loan.
What is the difference between fixed and variable rate loans?
Fixed rate: Same interest rate throughout the loan. Predictable payments. Variable rate: Rate changes with market conditions. Lower initial rate but risky. Our calculator assumes fixed rates. For variable, recalculate when rates change.
How does a larger down payment help?
Larger down payment = smaller loan = less interest paid. Also: may qualify for better rates, avoid PMI (usually required if <20% down), lower monthly payments. Our Affordability mode shows the combined impact.
What is typical interest rate by loan type?
Mortgage: 5-8% (secured by property). Car loan: 6-10% (secured by vehicle). Personal loan: 10-20% (unsecured, higher risk). Student loan: 4-8% (often subsidized). Our presets use current average rates.
How accurate is this loan calculator?
Very accurate for standard amortizing loans. Uses the same formula as banks. However, actual loans may include fees, insurance, taxes (especially mortgages), or compound differently. Use as a close estimate for planning.
What is the 28/36 rule for mortgages?
A lending guideline: housing costs should be ≤28% of gross income, total debt ≤36%. If you earn $8,000/month, aim for mortgage payment ≤$2,240. Use our Affordability mode to work backwards from your budget.