Loan Calculator
Comprehensive loan calculator with EMI calculation and detailed amortization schedule for better financial planning.
How to Use the Loan Calculator?
Enter your loan details to calculate EMI, total interest, and optionally view the amortization schedule.
Understanding Loan Calculations
This comprehensive loan calculator helps you understand the complete financial impact of your loan. It calculates:
- Monthly EMI (Equated Monthly Installment)
- Total interest payable over the loan tenure
- Total amount you'll pay back to the lender
- Month-wise breakdown of principal and interest (amortization schedule)
Types of Loan Repayment
- Fixed Rate Loans: Interest rate remains constant throughout the tenure
- Floating Rate Loans: Interest rate varies with market conditions
- Step-up Loans: EMI increases periodically
- Step-down Loans: EMI decreases over time
Amortization Schedule Benefits
The amortization schedule shows you:
- How much of each EMI goes toward principal vs. interest
- Outstanding loan balance after each payment
- Interest component is higher in early years
- Principal component increases over time
Loan Prepayment Strategy
- Prepayments in early years save more interest
- Reduce loan tenure or EMI amount through prepayments
- Check for prepayment charges before making extra payments
- Consider opportunity cost of using surplus funds elsewhere