An EMI Calculator is to calculate EMI of Home Loan, Car Loan & Personal Loan.
EMI - Equated Monthly Installment – is the amount payable to financial institution/bank every month until the loan amount is fully paid off. It consist two part i.e. interest on loan and principal amount.
The sum of principal amount & interest is divided by tenure in months. This amount need to be paid monthly. The interest component would be higher during initial months & reduce by every payment. Although EMI payment won’t change only proportion of principal & interest components change with time.