EMI calculator with amortisation and prepayment
Enter the loan, the rate and the term to see your monthly instalment and where every payment goes. Add an extra monthly payment to see how much interest and time it saves.
Where each year's payments go
Principal repaid and interest paid, year by year.
Amortisation schedule
| Year | Principal | Interest | Total paid | Balance |
|---|
Questions
Built by Mohd Shayan. Found a problem or have an idea? Send a note.
How is EMI calculated?
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. A ₹30 lakh loan at 8.5% for 20 years works out to an EMI of about ₹26,035.
Why is most of my early EMI interest?
Interest is charged on the balance still owed. At the start the balance is at its largest, so most of each EMI goes to interest and only a little reduces the principal. As the balance falls the split reverses, which the schedule and chart show year by year.
How does prepayment help?
Any extra amount goes straight to the principal, so every later month is charged interest on a smaller balance. With the EMI unchanged the loan simply finishes early. Even a small extra payment each month can save a large share of the total interest on a long loan.
Does this work for floating-rate loans?
It assumes one rate for the whole term. For a floating-rate loan, treat the result as an estimate at today's rate and recalculate when the rate changes. Lenders usually keep the EMI fixed and change the tenure instead.
Are processing fees and insurance included?
No. The calculator covers principal and interest only. Processing fees, insurance and other charges add to the true cost of a loan, so ask your lender for the annual percentage rate (APR) when comparing offers.
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