A loan is one of the biggest money decisions most families make. These calculators show the real cost before you sign: your monthly EMI, how much of it goes to interest over the years, how big a home loan you can get, and how much you save by prepaying.
Which calculator should I use?
- Planning a new loan: start with the EMI calculator, or the home loan, car loan and personal loan versions, which come with typical rates filled in.
- Buying a house: check how much you can borrow with the home loan eligibility calculator first.
- Already paying a loan: the loan prepayment calculator shows the interest and months you save with extra payments.
- Comparing offers: a "flat" rate looks cheaper than it is. The flat vs reducing rate calculator converts it to the real rate.
- Credit card dues: see how long minimum payments take with the credit card payoff calculator.
- Interest on savings or loans between people: use the simple interest and compound interest calculators.
FAQ
How is EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. The EMI calculator does this for you and shows a year-wise table.
Does prepaying a loan really save money?
Yes. Every prepayment reduces the principal, so less interest is charged from the next month onwards. The saving is biggest early in the loan. Under RBI rules, banks cannot charge a prepayment penalty on floating-rate loans taken by individuals for non-business purposes.
What is a good EMI to income ratio?
Many lenders are comfortable when all your EMIs together stay below about 40 to 50% of your monthly take-home pay. Keeping it lower leaves room for savings and emergencies.