This tool helps you calculate your monthly EMI and provides a detailed repayment schedule for your loan.
EMI Calculator and Repayment Schedule
This calculator computes the Equated Monthly Installment (EMI) and provides a detailed repayment schedule.
How to Use the EMI Calculator
- Enter the Principal Amount: Enter the total loan amount you intend to borrow.
- Enter the Annual Interest Rate: Provide the annual interest rate (APR) your lender will charge on the loan.
- Enter the Loan Term: Input the loan term in years over which you will be repaying the loan.
- Enter the Loan Start Date: Input the date when the loan repayments are scheduled to start.
- Click “Calculate” to generate the EMI and repayment schedule.
How the Calculator Works
The EMI is calculated using the following formula:
EMI = [P x r x (1+r)^n] / [(1+r)^n-1]
Where:
- P is the principal loan amount.
- r is the monthly interest rate (annual interest rate divided by 12 and converted to decimal form).
- n is the total number of payments (loan term in years multiplied by 12).
Limitations
- The calculator assumes constant interest rates throughout the loan tenure.
- It does not account for fees, taxes, or insurance that may be added to the monthly payments.
- Early repayments or partial payments are also not factored into the calculation.