About the Loan EMI Calculator
The Loan EMI Calculator uses the standard reducing-balance amortization formula with monthly compounding. A zero-rate branch divides principal evenly, avoiding the division problem in the interest formula.
How to use the Loan EMI Calculator
- Enter principal, nominal annual rate and term.
- Choose a display currency symbol.
- Calculate and compare the estimate with the lender's complete offer.
Practical tips
- Fees, insurance and changing rates are not included unless added to principal.
- Compare total interest as well as the monthly payment.