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EMI/Loan Calculator
Loan Details
How to Use
EMI Calculation
EMI (Equated Monthly Installment) is the fixed amount you pay every month towards your loan.
Required Information
- Loan Amount: The principal amount you want to borrow
- Interest Rate: Annual interest rate charged by the lender
- Loan Tenure: Duration of the loan in months or years
Understanding Results
- Monthly EMI: Fixed amount to pay each month
- Total Amount: Total money you'll pay over the loan tenure
- Total Interest: Extra amount paid over the principal
- Payment Breakdown: Month-wise principal and interest split
Loan Types in United States
Personal Loan
Unsecured loans for personal use
Rate Range: 6-15%Max Tenure: 7 years
- No collateral required
- Quick approval
- Flexible usage
- Higher interest rates
Home Loan
Mortgage loans for home purchase
Rate Range: 3-7%Max Tenure: 30 years
- Lowest interest rates
- Tax benefits
- Long repayment terms
- Property as collateral
Car Loan
Auto loans for vehicle purchase
Rate Range: 4-12%Max Tenure: 7 years
- Vehicle as collateral
- Quick processing
- Competitive rates
- Down payment options
Education Loan
Student loans for education expenses
Rate Range: 4-8%Max Tenure: 15 years
- Deferred payments while studying
- Lower interest rates
- Federal aid options
- Tax benefits
Regional Tips
- Shop around for the best interest rates
- Consider making extra principal payments to reduce total interest
- Maintain good credit score for better rates
- Compare APR, not just interest rates
- Avoid taking loans for depreciating assets unless necessary
General Tips
- Lower interest rates reduce your EMI and total interest
- Longer tenure reduces EMI but increases total interest
- Higher down payment reduces loan amount and EMI
- Prepayments can significantly reduce total interest
Try Sample Calculation
Click "Load Sample" to see EMI calculation for a $50,000 loan at 8.5% for 5 years.
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