Calculate EMI, total interest, and full amortization schedule for any loan
| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₹10,747 | ₹6,372 | ₹4,375 | ₹493,628 |
| 2 | ₹10,747 | ₹6,428 | ₹4,319 | ₹487,200 |
| 3 | ₹10,747 | ₹6,484 | ₹4,263 | ₹480,716 |
| 4 | ₹10,747 | ₹6,541 | ₹4,206 | ₹474,176 |
| 5 | ₹10,747 | ₹6,598 | ₹4,149 | ₹467,578 |
| 6 | ₹10,747 | ₹6,656 | ₹4,091 | ₹460,922 |
| 7 | ₹10,747 | ₹6,714 | ₹4,033 | ₹454,208 |
| 8 | ₹10,747 | ₹6,773 | ₹3,974 | ₹447,436 |
| 9 | ₹10,747 | ₹6,832 | ₹3,915 | ₹440,604 |
| 10 | ₹10,747 | ₹6,892 | ₹3,855 | ₹433,712 |
| 11 | ₹10,747 | ₹6,952 | ₹3,795 | ₹426,760 |
| 12 | ₹10,747 | ₹7,013 | ₹3,734 | ₹419,747 |
EMI (Equated Monthly Installment) is the fixed payment you make to a lender each month to repay a loan. It consists of both a principal component and an interest component. The formula used is: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of months.
In the early months of a loan, most of your EMI goes toward paying interest. As time passes, the principal component increases and the interest component decreases. This is clearly visible in the amortization schedule above. This is why prepaying a loan in the early years saves significantly more interest than prepaying later.
Use this calculator to compare different loan scenarios — a shorter tenure means higher EMIs but lower total interest. A longer tenure reduces monthly burden but increases the total cost of borrowing. For home loans, a 1% difference in interest rate on a large principal can mean lakhs of rupees in extra payments over 20 years.