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Loan & EMI calculator
Work out your monthly repayment, total interest and how the balance falls each year.
How the repayment is worked out
Each month you pay the same amount. Early on, most of it covers interest; later, most of it reduces the balance. The formula is P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan, r the monthly rate and n the number of months.
Does a lower rate really matter?
Yes. On long loans like a home loan, a 1% lower rate can save more than a year of repayments in total interest. Try changing the rate above to see the difference.