Loan Calculators

Every loan calculator works from the same three figures: the amount borrowed, the interest rate, and the loan term. Changing any of these values results in a change to the monthly payment. The following five calculators allow you to determine the monthly payment for the most common types of loans and illustrate the payment breakdown between principal repayment and interest.

Which Loan Calculator Do You Need?

If you already know the loan amount, the EMI Calculator is the quickest solution. However, if you are starting with a purchase price—such as for a home or a car—it is better to use the tool specifically designed for that purpose, as it factors in the down payment from the outset. The Home Loan EMI Calculator is based on the property price, whereas the Car Loan EMI Calculator uses the vehicle’s on-road price as a reference. For unsecured loans, the Personal Loan EMI Calculator accounts for the higher interest rates applied due to the lack of collateral.

If you’re financing a home purchase in the US rather than India, the Mortgage Calculator uses US-specific terms like down payment and PMI instead of the EMI format used above.

These five calculators are based on the same formula; they differ only in the initial data required.

How a Loan Calculator Works

Every loan calculator on this page applies the same standard EMI formula: the payment is derived from the principal, the monthly interest rate, and the number of months. What changes between them is only the starting point. A home loan begins with a property price and a down payment; a car loan with an on-road figure; a personal loan simply with the amount you want.

The result splits into two parts. Early payments are mostly interest, because interest is charged on a balance that is still close to the full amount. As the principal falls, a larger share of each payment goes toward repayment. This is why the total interest on a twenty-year loan is so much higher than on a ten-year loan at the same rate, even though the monthly payment is lower.

Running the same loan at two different tenures in any loan calculator makes the trade-off visible: a longer term buys a smaller monthly payment at the cost of substantially more interest overall.

What the EMI Figure Does Not Tell You

The monthly installment reflects only part of the overall picture. Two loans with identical installments can entail vastly different total interest costs, depending on the loan term and the interest calculation method.

Once the monthly installment amount is known, it is advisable to use the loan planning tools. Even modest early repayments can significantly reduce the total interest cost, as interest is calculated based on the outstanding principal. For the same monthly installment, a flat-rate loan is considerably more expensive than a reducing-rate loan; this is because, with a flat rate, interest is calculated on the initial loan amount for the entire duration of the contract, regardless of repayments already made.