Loan EMI Calculator Online (Home, Car & Personal Loans)
Planning loan borrowings and understanding monthly financial commitments requires an accurate amortization calculation. Whether you are financing a home, purchasing a car, or funding higher education, the SizeFix Loan EMI Calculator uses the standard banking reducing-balance formula to calculate your monthly installment (EMI), cumulative interest payout, and total loan obligation in real time.
Step-by-Step Instructions
1
Enter Principal Amount
Input total borrowing amount (e.g. Rs 25,00,000 for a Home Loan).
2
Set Interest Rate & Tenure
Enter annual interest rate (e.g. 8.5%) and repayment tenure in years (e.g. 20 Years).
3
Inspect Monthly Installment
Review monthly EMI, total interest payable, and total overall financial commitment.
Mathematical Reducing Balance EMI Formula
| Variable | Definition in Formula | Mathematical Equivalent | Calculation Example |
|---|---|---|---|
| P (Principal) | Total sanctioned loan amount | Loan Borrowed | Rs 10,00,000 |
| R (Monthly Rate) | Annual rate divided by 12 x 100 | Annual Rate / 1200 | 8.5% / 1200 = 0.007083 |
| N (Tenure Months) | Total number of monthly installments | Years x 12 | 10 Years x 12 = 120 Months |
| EMI Formula | E = [P x R x (1+R)^N] / [(1+R)^N - 1] | Standard Bank Amortization | Monthly EMI: Rs 12,399 |
Frequently Asked Questions (FAQ)
How does making partial prepayments reduce total loan interest?
Prepayments reduce the outstanding principal balance immediately. Because monthly interest is calculated solely on the remaining principal, prepayments drastically shorten loan tenure and save lakhs in cumulative interest.
What is the difference between a fixed-rate loan and a floating-rate loan?
In a fixed-rate loan, your interest rate remains constant throughout the tenure. In a floating-rate loan (common in home loans), interest rates adjust periodically based on the RBI repo rate benchmark.
Does this calculator store my loan inquiries?
No. All mathematical operations execute entirely in your browser. No financial queries or loan data are ever stored or transmitted.