Universal Payment Calculator
Calculate your monthly fixed payment (EMI) for any loan, mortgage, or recurring expense.
Payment Summary
Monthly Payment (EMI)
₹0
Total Interest Paid
₹0
Total Repayment
₹0
Using the Payment Calculator for Financial Planning
The **Payment Calculator** uses the universally accepted **Equated Monthly Installment (EMI)** formula to help you budget for any fixed debt. By adjusting the principal, rate, and tenure, you can quickly assess the affordability of everything from a short-term personal loan to a 30-year mortgage.
The Universal EMI Formula
$$E = P \cdot \frac{r \cdot (1+r)^n}{(1+r)^n – 1}$$ Where $\text{E}$ is the monthly payment, $\text{P}$ is the principal, $\text{r}$ is the monthly interest rate, and $\text{n}$ is the total number of months.
Key Takeaway: Total Cost vs. Monthly Payment
When setting a budget, pay attention not just to the monthly payment, but also to the **Total Interest Paid**. A longer loan tenure lowers the monthly payment, but drastically increases the total interest you pay over the life of the loan. Use the Amortization Schedule to visualize how much more you pay in the long run.
Frequently Asked Questions (FAQ)
Can I use this for non-loan payments like rent?
Yes. If you set the **Annual Interest Rate** to **0%** and input the total annual rent as the **Principal** and $12$ as the **Tenure (Months)**, the calculator will simply perform the division to show your monthly cost. However, it is primarily designed for interest-bearing debt.