EMI stands for Equated Monthly Installment. It is the fixed payment amount made by a borrower to a lender at a specified date each calendar month.

Does this include taxes and insurance?

No, this calculator estimates the Principal and Interest (P&I) only. For mortgages, remember that property taxes and homeowners insurance (escrow) are often added to your monthly bill.

How can I reduce my total interest?

You can reduce total interest by securing a lower interest rate, shortening the loan term (e.g., 15 years instead of 30), or making extra principal payments.

Loan Calculator

Calculate monthly loan payments (EMI) and view amortization schedules and total interest. Perfect for mortgages, car loans, and personal loans.

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Calculate monthly loan payments (EMI) and view amortization schedules and total interest. Perfect for mortgages, car loans, and personal loans.

How to Use This Loan Calculator

1Enter the Loan Amount (Principal)
2Set the Interest Rate (%)
3Choose the Loan Term (Years or Months)
4View your Monthly Payment (EMI) instantly
5Check the Total Interest Payable over the life of the loan
6Review the Amortization Schedule for year-by-year breakdown

Features

✓Calculate Monthly Payments (EMI)
✓Total Interest vs Principal breakdown
✓Interactive Amortization Chart
✓Yearly and Monthly payment schedules
✓Support for Mortgages, Auto, and Personal loans
✓Printable summary

Understanding Amortization

Amortization is the process of paying off a debt over time in equal installments. Part of each payment goes toward the loan principal, and part goes toward interest. In the beginning, most of your payment goes to interest; as the principal decreases, more of your payment goes toward paying off the loan itself.