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Loan & EMI Calculator

EMI, prepayment and loan eligibility calculator

Four questions about the same loan: what the instalment is, what a prepayment actually saves, how much a lender will give you, and what you can afford. Full amortisation that sums exactly, with both prepayment options side by side. Nothing is uploaded — your income and debts stay in this tab.

An estimate, not an offer. Lenders price per borrower and the rate ranges here are indicative, so treat every figure as a close approximation and confirm with your own lender before committing. Nothing on this page is financial advice.

The loan

Choosing a loan type fills in a typical rate and term for that product. Both are indicative — replace them with the figures your lender has actually quoted.

Prepayment
Your income

The share of your income a lender will let go to debt — FOIR in India, DTI in the US and UK. Half is the usual starting point; a large income or a strong credit file pushes it higher.

The asset

Monthly instalment

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every month, for the full term

Total interest
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Total repaid
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Interest vs loan
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Payments
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What you repay

Principal … Interest …
Year-by-year schedule

Summarised by year. The principal column adds up to exactly the amount you borrowed — if it did not, the calculator would be wrong.

Principal, interest and closing balance for each year of the loan
Year Principal Interest Balance
Saved loans

Keep several loans side by side. Saved on this device only — nothing leaves the browser.

Where the instalment comes from

An equated monthly instalment is the one payment that clears both the principal and the interest over the term, and it comes from a single formula: E = P·r·(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where r is the monthly rate and n the number of payments. What surprises people is the shape underneath it. The instalment never changes, but its composition does: in the first year of a twenty-year loan at 8.75%, roughly four fifths of every payment is interest. The principal only starts falling quickly in the second half, which is exactly why a prepayment early is worth several times the same prepayment late.

Shorten the term, or lower the instalment

A lump sum against the principal can do one of two things, and lenders will usually let you pick. Keeping the instalment the same ends the loan sooner. Keeping the end date lowers the instalment. They are not close to equivalent: shortening the term can save several times what the same money saves as a lower monthly payment, because interest accrues on time as much as on money. The lower instalment feels better month to month and costs far more in total, which is why this calculator shows both and names the gap rather than picking for you.

Why two ceilings decide what you can borrow

Lenders apply two independent caps and the smaller one wins. The first is income: a share of what you earn — half is typical — can go to debt service, less whatever you already pay on other loans, and that instalment inverts back into a maximum principal. The second applies to secured loans only: a loan-to-value ceiling caps the loan at a share of the asset. You can comfortably earn enough for a larger loan than the property will support, and no lender will write it. Most eligibility calculators compute only the first and present it as the answer, which is how people arrive at a bank expecting a loan nobody will approve.

Why nothing is uploaded

A loan calculator collects a more complete picture of your finances than almost anything else you will type into a browser: income, existing debts, what you have saved for a deposit. This page has no server to send it to. The calculations are JavaScript running in your tab, and what you type is kept only in this browser's local storage, which the link in the footer clears. There is no account, no analytics on your inputs, and nothing to leak.

Calculators

EMI calculator Prepayment calculator Loan eligibility calculator Affordability calculator Amortisation schedule calculator Total interest calculator Loan tenure calculator

By loan type

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By interest rate

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By loan term

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Questions

Is this calculator free?

Yes, entirely, with no account and no limit. There is nothing to upgrade to and nothing to sell you — no lender pays to appear here, because no lender appears here.

How accurate is the EMI?

The arithmetic is exact to the cent, and the schedule is built the way a lender builds one: the instalment is rounded once, charged every month, and the final payment clears whatever is left. Your lender's figure may still differ slightly because of how they count the first part-month, any fees rolled into the loan, and the exact day interest starts.

Why is my last instalment different?

Because rounding the instalment to the nearest cent leaves a small residue over hundreds of months, and the final payment absorbs it. Every real amortisation ends on a stub like this. A calculator showing 360 identical payments is not describing a loan anyone has ever had.

Should I prepay or invest the money?

Prepaying earns you the loan's rate, guaranteed and tax-free. An investment has to beat that after its own tax to win, and it carries risk the prepayment does not — so a close call should go to prepaying. Where loan interest is tax-deductible the loan costs less than its headline rate, which can flip the answer; the prepayment tab works both sides out.

Will I be charged for prepaying?

It depends on something many borrowers have never checked: whether their rate is floating or fixed. On a floating-rate loan to an individual, prepayment charges are generally prohibited. On a fixed-rate loan they usually apply, commonly two to four per cent of the amount prepaid. There is a tick box for this, and it changes the answer.

Is my income data sent anywhere?

No. Every calculation happens in your browser, and what you type is kept in this browser's local storage so it is still there when you come back. Nothing is uploaded, and the “clear saved data” link in the footer removes it.