Loan Calculator

It's a table that shows every payment in your loan broken down into its principal and interest components, plus the remaining balance after each payment. Month 1 might show that of your ₹15,000 payment, ₹12,500 goes to interest and ₹2,500 reduces the principal. Month 2 shows the same payment, but slightly less goes to interest (because the balance is now slightly lower) and slightly more goes to principal. Watching that progression over time gives you a concrete sense of how the loan actually gets paid off.

Any extra payment you make beyond the regular EMI goes directly to the principal — it doesn't count as an advance payment of future installments. Reducing the principal means next month's interest is calculated on a lower balance, so less of your next regular payment goes to interest and more goes to principal. This compounding effect means extra payments early in the loan have a disproportionate impact. A lump sum prepayment of ₹50,000 in year two of a 20-year loan might save several times that amount in total interest.

Shorter tenure means higher monthly payments but significantly less total interest — and you build equity faster. Longer tenure means lower payments that are easier on monthly cash flow, but you pay much more over time. The right answer depends on your budget and financial goals. A practical approach: calculate the monthly payment for the shortest tenure you could comfortably manage, keep a buffer for emergencies, and consider making occasional extra payments rather than committing to a tenure that stretches your budget every month.

In practice they calculate the same thing — monthly payment on a standard amortizing loan. The distinction is mainly in what they emphasize. An EMI calculator typically focuses on the monthly installment amount. A loan calculator usually goes further and generates a full amortization schedule, making it easier to see total interest, remaining balance at any point, and the impact of extra payments. Use whichever tool gives you the level of detail you need.

Refinancing makes sense if you can secure a meaningfully lower interest rate — typically at least 1 to 1.5 percentage points lower — and you still have a significant portion of the loan remaining. The savings on future interest need to outweigh any prepayment penalties on the old loan and fees on the new one. Use the amortization schedule from this calculator to see your current remaining balance and total remaining interest, then compare that against the new loan's total cost. If the numbers favor refinancing and you plan to stay in the loan long enough to recoup closing costs, it's worth doing.

Yes — the math is identical for all amortizing loans. Enter your actual loan amount, rate, and tenure regardless of loan type and you'll get accurate results. Car loans tend to run 1 to 7 years at 7 to 12%, personal loans are often 1 to 5 years at higher rates, and home loans can stretch to 30 years at relatively lower rates. The amortization schedule is especially illuminating for longer loans where the interest component is largest.