EMI Calculator — Loan Payments & Amortization

Calculate your Equated Monthly Installment, view a full month-by-month amortization schedule, compare two loan offers side by side, and simulate the impact of prepayments.

📊 Loan Details
Monthly EMI
–
per month
Total Interest Payable
–
–
Total Amount Payable
–
–
📊 Principal vs Interest Split
Principal
Interest
📈 Outstanding Balance Over Time
Balance Remaining
📋 Amortization Schedule
Period EMI Principal Interest Balance
Loan A
Loan B
Comparison Results
Loan A
Monthly EMI–
Total Interest–
Total Payable–
Interest %–
Loan B
Monthly EMI–
Total Interest–
Total Payable–
Interest %–
⚡ Original Loan
💸 Prepayment Details
💚 Your Savings with Prepayment
– Interest Saved
– Months Saved
– New Tenure
Without Prepayment
Monthly EMI–
Total Interest–
Total Payable–
Loan Tenure–
With Prepayment
Monthly EMI–
Total Interest–
Total Payable–
Loan Tenure–
📉 Balance Comparison: With vs Without Prepayment
Without Prepayment
With Prepayment
Disclaimer: All calculations on this tool are estimates based on standard EMI formulas and are provided for informational and planning purposes only. Actual loan repayments may vary due to processing fees, rounding practices, grace periods, variable interest rates, and lender-specific terms. This tool does not constitute financial advice. Always verify figures with your lender before making financial decisions.
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Frequently Asked Questions

EMI stands for Equated Monthly Installment — the fixed amount you pay every month to repay a loan. It's calculated using the formula: 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 ÷ 12 ÷ 100), and n is the total number of monthly payments. Each EMI has two components: interest (charged on outstanding balance) and principal (reducing your debt).

Prepayments directly reduce your outstanding principal, which means less interest accrues each month. With "reduce tenure" strategy, your EMI stays the same but you pay off the loan earlier — saving significant interest. With "reduce EMI" strategy, the tenure stays the same but your monthly payment decreases. In general, reducing tenure saves more total interest than reducing EMI.

Flat rate interest charges on the full original principal throughout the loan term. Reducing balance (used by most banks) charges interest only on the outstanding principal, which shrinks with each payment. This means flat rate results in a much higher effective interest cost. An 8% flat rate can be equivalent to roughly 14–15% reducing balance — always clarify which method your lender uses.

An amortization schedule is the full month-by-month breakdown of every loan payment, showing how much goes to interest and how much reduces your principal. In the early months, most of your EMI covers interest. As the principal decreases, the interest portion shrinks and more of each payment goes to principal. The schedule helps you identify the best time to prepay for maximum savings.

Switch to the "Loan Comparison" tab. Enter the loan amount, interest rate, and tenure for each offer. The tool calculates and displays EMI, total interest, and total payable for both side by side, and identifies which offer saves you more money overall. Even a 0.5% difference in interest rate can mean thousands of dollars in savings on long-tenure loans.