Loan Calculator
Find the EMI, loan amount, tenure or rate — and see what prepaying saves.
Prepayment planner
Pay a little extra every month, a one-time lump sum, or both — and see how much interest and time you save.
Enter an extra monthly amount or a one-time prepayment to compare it with your current loan.
Outstanding balance
Repayment schedule
Includes your prepayments.
How this was calculated
Results are estimates for general information and planning, not financial advice. Banks and institutions may calculate differently (rounding, fees, rate changes). Confirm figures with your lender or a qualified adviser before deciding.
About the Loan Calculator
Home, car, personal and education loans are usually repaid in equal monthly instalments (EMIs) on a reducing balance: each month you pay interest on what you still owe, and the rest of the EMI reduces the loan. Four numbers describe such a loan — the loan amount, the interest rate, the tenure and the EMI. Enter any three and this calculator finds the fourth.
Use it to check how much you can borrow with an EMI you can afford, how long a loan takes at a given EMI, or what interest rate a lender is really charging. The prepayment planner then shows how an extra amount every month, or a one-time lump sum, shortens the loan and how much interest it saves.
How to use it
- Choose what to solve for: EMI, loan amount, tenure or interest rate.
- Fill in the other three values. Amounts accept Indian digit grouping such as 25,00,000.
- Read the answer with the total interest and total payment. Switching what you solve for keeps your numbers, so you can explore quickly.
- In the prepayment planner, enter an extra monthly amount and/or a one-time prepayment with the EMI number you will pay it with.
- Compare the interest and time saved, check the yearly or monthly schedule, and download it as CSV.
Examples
EMI ₹25,000 · 9% a year · 20 years
Loan amount ₹27,78,624
Loan ₹10,00,000 · 8.5% a year · EMI ₹10,000
175 EMIs (14 years 7 months) — the last EMI is ₹5,659
Loan ₹5,00,000 · 60 months · EMI ₹11,000
Interest rate 11.51% a year (reducing balance)
Interest saved ₹3,20,738 · loan ends 4 years sooner (192 EMIs instead of 240)
Lowering the EMI instead, with the same end date, saves ₹1,01,882.
The formulas
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- P is the loan amount and n the number of monthly instalments
- r is the monthly rate: annual rate ÷ 12 ÷ 100 (9% a year → 0.0075)
Rearranged, the loan amount for a given EMI is P = EMI × (1 − (1 + r)^−n) ÷ r and the tenure is n = −ln(1 − P × r ÷ EMI) ÷ ln(1 + r), rounded up to whole months with a smaller last EMI. The interest rate has no direct formula, so the calculator finds it numerically: it keeps halving the range of possible monthly rates (bisection) until the EMI formula gives exactly your EMI.
How prepayment saves interest
Interest is charged every month on the outstanding balance, so each rupee you prepay stops attracting interest for the rest of the loan. Early prepayments save the most because they remove interest for the most months.
- Keep EMI, finish sooner: the EMI stays the same and the loan ends earlier. This saves the most interest.
- Keep end date, lower EMI: the EMI is recalculated over the remaining months. It frees up monthly cash but saves less interest.
Before you prepay, check your loan agreement for prepayment or foreclosure charges, and keep an emergency fund: money used to prepay a loan is hard to get back.
Limitations
- Assumes a fixed interest rate for the whole tenure. With a floating-rate loan, the lender changes the EMI or the tenure when the rate changes.
- Interest is calculated monthly on the reducing balance (annual rate ÷ 12). Lenders that compute interest daily or round the EMI will differ by a few rupees.
- Processing fees, insurance, prepayment charges and taxes are not included.
- A prepayment is applied together with the EMI of the month you choose.
Privacy
Everything happens in your browser. What you enter or open here is not uploaded or stored by MySmartCoPilot.
Frequently asked questions
Is it better to reduce the EMI or the tenure after a prepayment?
Reducing the tenure (keeping the EMI) saves more interest, because the balance falls faster and stays lower for the rest of the loan. On a ₹10 lakh, 8.5%, 20-year loan, a ₹1 lakh prepayment after a year saves ₹3,20,738 if you keep the EMI, but ₹1,01,882 if you lower it. Lowering the EMI makes sense if you need more room in your monthly budget.
How is the interest rate calculated from the EMI?
There is no algebraic formula for the rate, so the calculator searches for it: it repeatedly halves the range of possible monthly rates until the EMI formula matches your EMI to many decimal places. The annual rate shown is 12 × the monthly rate, which is how lenders quote it.
Why is the last EMI smaller when I solve for the tenure?
An EMI rarely divides a loan into a whole number of months. The calculator rounds the tenure up and makes the last payment just large enough to clear the remaining balance and that month's interest.
What is the difference between a flat rate and a reducing-balance rate?
With a reducing balance (used here) you pay interest only on what you still owe. A flat rate charges interest on the original amount for the whole tenure, so the same headline rate costs much more. For example, ₹1 lakh at a 10% flat rate for one year has an EMI of ₹9,167 — about 17.97% a year on a reducing balance. Enter a flat-rate EMI here and solve for the interest rate to see the real rate.