Calculate your Equated Monthly Instalment for any loan — home loan, car loan, personal loan, or education loan. Get a detailed amortization schedule with year-by-year and month-by-month breakdowns.
Loan Details
The total principal amount you wish to borrow
%
Yearly interest rate offered by the lender
Duration over which you will repay the loan
EMI Breakdown
Monthly EMI
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Total Interest Payable
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Total Amount Payable
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Principal Amount
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Principal Interest
Did you know?
Even a 0.5% reduction in your interest rate can save you lakhs over the life of a long-term loan. For example, on a ₹50,00,000 home loan for 20 years, reducing the rate from 9% to 8.5% saves over ₹2,00,000 in total interest. Always negotiate with your lender or consider refinancing when rates drop.
Year-by-Year Amortization Schedule
Year
EMI Paid
Principal Paid
Interest Paid
Balance
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EMI stands for Equated Monthly Instalment. It is the fixed amount you pay to the lender every month until the loan is fully repaid. The formula is: EMI = P × r × (1+r)n / ((1+r)n − 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12 and then by 100), and n is the total number of monthly instalments.
Does a higher tenure reduce my EMI?
Yes, a longer tenure will reduce your monthly EMI because the repayment is spread over more months. However, this also means you pay significantly more total interest over the life of the loan. It is advisable to choose the shortest tenure you can comfortably afford to minimise total interest outflow.
Can I prepay my loan to reduce interest?
Most lenders allow partial or full prepayments. Making lump-sum prepayments towards the principal reduces the outstanding balance, which in turn reduces the interest component in subsequent EMIs or shortens the loan tenure. Under RBI guidelines, floating-rate home loans in India cannot carry prepayment penalties.
What is an amortization schedule?
An amortization schedule is a table that shows the breakdown of each loan payment into principal and interest components over the entire tenure. In the early years, a larger portion of your EMI goes towards interest, while in later years, more goes towards principal repayment.
Is the EMI the same for all types of loans?
The EMI formula is the same regardless of loan type (home loan, car loan, personal loan, etc.), but the interest rate, tenure, and processing fees vary. Home loans typically have the lowest rates and longest tenures, while personal loans have higher rates and shorter tenures. Always compare the effective annual rate across lenders before choosing.