Question 1

How is EMI calculated?

Accepted Answer

EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate (annual rate / 12 / 100), and n is the tenure in months.

Question 2

What happens if I make a prepayment?

Accepted Answer

This calculator does not model prepayments, but a prepayment reduces the outstanding principal, which reduces the total interest payable. Contact your lender for exact calculations.

Question 3

What is the difference between fixed and floating rate loans?

Accepted Answer

Fixed rate loans have the same interest rate for the entire tenure. Floating rate loans change with market rates. This calculator uses a fixed rate for simplicity.

EMI Calculator

Frequently Asked Questions

EMI Calculator

Frequently Asked Questions

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