EMI Calculator — Loan EMI with Amortization Schedule

Work out your monthly EMI, total interest and how much a monthly prepayment saves — with the full repayment schedule.

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📘 Read the full guide: How EMI Is Calculated — and How Prepayment Cuts Your Interest →

How to use the EMI Calculator — Loan EMI with Amortization Schedule

Enter the loan amount, interest rate and tenure.
Add the processing fee your lender charges.
Optionally add a monthly prepayment to see how much sooner the loan closes and how much interest you save.
Scroll down for the year-by-year amortization schedule.

Formula used

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

P = loan amount, r = annual rate ÷ 12 ÷ 100, n = number of months. Each month interest is charged on the outstanding balance and the rest of the EMI repays principal.

₹10 lakh at 8.5% for 20 years gives an EMI of ₹8,678.

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EMI Calculator — Loan EMI with Amortization Schedule — FAQs

How is EMI calculated?▾

EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, n is the number of monthly instalments, and r is the monthly interest rate — the annual rate divided by 12 and by 100. The instalment stays constant; what changes each month is the split between interest and principal.

Why is most of my early EMI going to interest?▾

Interest is charged on the outstanding balance, which is at its largest at the start. Early instalments are therefore mostly interest and little principal, and the ratio inverts over the term. On a 20-year home loan roughly half the total interest is paid in the first seven years.

Does prepayment reduce my EMI or my tenure?▾

Either, and the choice matters. Reducing the tenure keeps the EMI the same and saves far more interest, because the loan ends sooner. Reducing the EMI lowers your monthly outflow but saves less. Most lenders default to reducing tenure unless you ask.

What is the difference between flat rate and reducing balance?▾

A reducing-balance rate charges interest only on what you still owe. A flat rate charges it on the original principal for the whole term, so a "12% flat" loan costs roughly the same as 21–22% reducing. Always convert a flat rate before comparing offers.

Does this work for any loan?▾

Any equal-instalment loan where interest is charged on the reducing balance — home, car, business, equipment or personal loans.

How to use the EMI Calculator — Loan EMI with Amortization Schedule

Formula used

EMI Calculator — Loan EMI with Amortization Schedule — FAQs

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