EMI Calculator
Calculate your EMI for any loan amount. See amortization schedule, prepayment savings, and compare EMI at different interest rates.
| Rate | Monthly EMI | Total Interest | Total Payment |
|---|---|---|---|
| 4.5% | $1,266.71 | $206,017 | $456,017 |
| 5.5% | $1,419.47 | $261,010 | $511,010 |
| 6.0% | $1,498.88 | $289,595 | $539,595 |
| 6.5% * | $1,580.17 | $318,861 | $568,861 |
| 7.0% | $1,663.26 | $348,772 | $598,772 |
| 7.5% | $1,748.04 | $379,293 | $629,293 |
| 8.5% | $1,922.28 | $442,022 | $692,022 |
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 | $2,794 | $16,168 | $247,206 |
| 2 | $2,981 | $15,981 | $244,224 |
| 3 | $3,181 | $15,781 | $241,043 |
| 4 | $3,394 | $15,568 | $237,649 |
| 5 | $3,621 | $15,341 | $234,027 |
| 6 | $3,864 | $15,098 | $230,163 |
| 7 | $4,123 | $14,839 | $226,041 |
| 8 | $4,399 | $14,563 | $221,642 |
| ... 19 more years ... | |||
| 28 | $16,084 | $2,878 | $35,473 |
| 29 | $17,162 | $1,800 | $18,311 |
| 30 | $18,311 | $651 | $0 |
EMI 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, and n is the number of monthly installments.
Prepayment: Extra payments are applied directly to the principal balance each month, reducing both the total interest paid and the loan tenure. Actual prepayment terms may vary by lender.
Disclaimer: This calculator provides estimates for educational purposes only. Actual EMI amounts may vary based on processing fees, insurance, and other charges. Consult your lender for exact figures.
How to Use EMI Calculator
- 1Enter the loan amount and interest rate
- 2Set the loan tenure in months or years
- 3View your EMI and total interest
- 4Try the prepayment calculator
Frequently Asked Questions
What is EMI?▾
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender each month. It includes both principal and interest components.
How is EMI calculated?▾
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly installments.
Can I reduce my EMI?▾
You can reduce EMI by negotiating a lower interest rate, extending the loan tenure, or making a larger down payment. Note that longer tenure means more total interest paid.
About EMI Calculator
Calculate your EMI for any loan amount. See amortization schedule, prepayment savings, and compare EMI at different interest rates.
NexTool's EMI Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.
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