Calculate your monthly EMI for home loan, car loan or personal loan. See complete amortization schedule and total interest payable.
EMI (Equated Monthly Instalment) is a fixed payment amount made by a borrower to a lender at a specified date each month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off.
EMI = P × r × (1 + r)^n ÷ [(1 + r)^n − 1]
Where P = Principal, r = Monthly interest rate, n = Total months
1. Make a larger down payment to reduce the principal amount.
2. Choose a longer tenure (though this increases total interest).
3. Negotiate a lower interest rate with your bank.
4. Make prepayments whenever you have extra funds.