| Before Adjustment | After Adjustment | |
|---|---|---|
| Loan Amount: | ₹0 | ₹0 |
| EMI Amount: | ₹0 | ₹0 Avg. |
| Total Interest Payable: | ₹0 | ₹0 |
| Total Payment (Principal + Interest): | ₹0 | ₹0 |
| Interest percent (%): | ||
| No. of EMI's: | 0 (0y 0m) | 0 (0y 0m) |
| Month | EMI Amount (₹) | Principal Paid (₹) | Interest Paid (₹) | Balance (₹) | Loan Paid (%) | Interest Rate (%) |
|---|
Welcome to our EMI Calculator tool! This powerful tool helps you plan and manage your loan repayments with ease. Whether you're taking a home loan, personal loan, or any other form of credit, our EMI calculator provides you with a clear and detailed month-wise breakdown of your repayment schedule.
Our EMI (Equated Monthly Installment) calculator uses a precise formula to calculate your monthly EMI amount, helping you understand how much you need to pay each month to clear your loan in a specified period. It breaks down your repayment schedule into an easy-to-read format that shows the loan amount, interest paid, principal repayment, and outstanding balance. You can also adjust the EMI amount or interest rate at any time to see how changes affect your overall repayment plan.
Our EMI calculator provides a detailed month-wise breakdown showing the following columns:
Adjust the EMI Amount or Interest Rate in any row to see how these changes affect your total loan repayment.
Our tool automatically recalculates the entire loan repayment plan based on your adjustments, giving you the flexibility to explore different scenarios and select the most optimal option for your financial situation.
Our comparison grid shows a Before Adjustment and After Adjustment breakdown:
To understand how your EMI is calculated, it’s important to know the EMI Formula used by our calculator:
E = (P * r * (1 + r)^n) / ((1 + r)^n - 1)Where:
1. Principal Loan Amount (P): This is the total amount of money you borrow from the bank or financial institution.
2. Monthly Interest Rate (r): The interest rate applied to the loan is divided by 12 to convert it into a monthly rate.
3. Loan Tenure (n): This is the total period (in months) you have to repay your loan. For example, a loan of 5 years would have a tenure of 60 months.
Let’s say you’ve borrowed ₹5,00,000 at an annual interest rate of 10.5% for a tenure of 60 months (5 years). The EMI would be calculated as:
Plug these values into the formula to calculate the EMI Amount (₹).
At the start of the loan: A larger portion of your EMI goes toward paying the interest, with a smaller portion going toward repaying the principal.
Over time: As you continue to make payments, the interest component of the EMI decreases, and a higher portion goes toward repaying the principal. This is because the interest is calculated on the remaining loan balance, which decreases with each payment.
Taking a loan is a significant financial decision, and understanding how it impacts your finances is crucial. Our EMI calculator gives you complete control over your loan repayment plan, helping you make informed decisions. Whether you want to increase your EMI to pay off the loan faster or adjust the interest rate to reduce the burden of interest payments, this tool provides all the necessary insights.
This EMI Calculator is an invaluable tool for anyone looking to manage and plan their loan repayments. Whether you’re in the early stages of taking a loan or have been repaying one for a while, this tool allows you to adjust your payments to fit your evolving financial situation. Start using it today to get a comprehensive understanding of your loan repayment journey and make better financial decisions!