What this calculator does
It converts a loan amount, an interest rate and a tenure into three numbers that matter: the monthly EMI, the total interest you will pay, and the total amount that leaves your account over the life of the loan. The same engine runs on every page, with defaults set for that loan type.
All of it is computed in your browser. Nothing about your loan is stored, logged or sent anywhere, which is also why the page works offline once loaded.
How to read the result
The monthly EMI is the fixed amount you pay. The split between principal and interest is not fixed: in the early years most of your EMI goes to interest, and in the final years most goes to principal. That is why prepaying early saves so much more than prepaying late — the prepayment table on each page shows the exact difference.
Which loan is cheapest
Secured loans are cheaper than unsecured ones, always. A home loan at 8.5% costs less than half of what a personal loan at 14% does for the same amount, and a gold loan sits between the two. If you have a choice of funding, the order of preference is usually: home loan against property, loan against securities or gold, car loan, education loan, then personal loan, then credit card debt.
Before you take any loan
- Keep the EMI under 40% of net monthly income, and total EMIs under 50%.
- Check whether the rate is fixed or floating, and what the benchmark is.
- Add processing fees, insurance and stamp duty to the cost — they are not in the EMI.
- Read the prepayment and foreclosure clause before signing.