Loan EMI Calculator

What are loan calculators?

A loan calculator is a tool which can be used to determine monthly or yearly payments on loans based on certain loan details such as loan amount, interest rate and duration among others. These online tools enable borrowers to make quick, easy calculations to help choose the right loan scheme and stay aware of their possible repayment amounts and schedules.


There are different kinds of loan calculators which can be used depending on the type of loan chosen. Making use of an online mortgage or home loan calculator can help you calculate the total amount of interest payable over a specified loan period. Also, to find out the monthly or annual installments or EMIs on a home mortgage/loan, you can subtract your down payment from the price of your house and input the details in the calculator.

Loan calculators can also be used to find out installments/EMIs In case of refinancing. Here, the principal will be the outstanding balance on your mortgage/home loan. Below is one of the formulas used by some loan calculators.

Monthly payment=[rate+rate/((1+rate)^ months-1] X principal loan amount


Microsoft Excel worksheets also help you calculate monthly payments for loans. By using the ‘function’ tool, you can calculate your monthly payments. The worksheet functions are as follows:

  • PMT. Calculates the payment for a loan.
  • FV. Future value of an investment.
  • IPMT. Interest payment for a certain period.
  • NPER. Number of periods.
  • RATE. Interest rate per period of an annuity.
  • CUMIPMT. Cumulative interest paid on a loan between start and end period.
  • CUMPRINC. Cumulative principal paid on a loan between start and end period.

Components of loan calculators

The several components of loan calculators are as follows

  • Loan amount
  • Term of loan years
  • Annual interest rate
  • APR or annual percentage rate
  • Monthly repayment amount
  • Principal amount

Benefits of loan calculators

There are several benefits of loan calculators as listed below

  • Helps find out how much a loan will cost you over a period of time.
  • You can calculate the amount of time it would take for you to pay off your loans.
  • Helps you accurately calculate the monthly and yearly payments and compounding interest rates.
  • Knowledge of the premiums to be paid helps you plan your budget and ensure that your payments are made on schedule without any hitches.
  • Greater know-how. If a car dealer makes a high sales pitch for an auto loan option, you could make use of the auto loan calculator to make instant calculations and therefore make an informed choice.
  • Ascertain your ability to repay loan for a certain tenure and interest rate.
  • Calculate the amount of EMI you will have to pay every month.
  • Helps you determine the value of an asset.
  • You can calculate how much interest who will pay or have paid over a period of time.
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