Loan EMI Calculator – Interest & Amortization Schedule

EMI (Equated Monthly Installment) is the fixed monthly payment made to repay a loan over a defined period. It is calculated using the formula: EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments.

An amortization schedule is a complete table showing the breakdown of every monthly EMI payment into principal and interest components, along with the remaining loan balance after each payment. In the early months, a larger portion of EMI goes toward interest; over time, more goes toward principal repayment.

Prepayment means paying an extra amount over your regular EMI each month. This additional payment is applied directly to reduce the outstanding principal, which in turn reduces the interest charged in future months. This can significantly shorten your loan tenure and save a large amount of total interest paid.

In a flat rate loan, interest is charged on the original principal throughout the tenure. In a reducing balance loan (which this calculator uses), interest is charged only on the outstanding principal balance each month. Reducing balance results in lower total interest and is the standard method used by most banks for home, car and personal loans.

Yes! Enable the "Compare with another loan" option in Advanced Options. Enter a different interest rate and tenure for Loan 2 (using the same principal amount). The calculator will show a side-by-side comparison of EMI, total interest and total payment, and highlight which loan is more cost-effective.

A processing fee is a one-time charge by the lender for processing your loan application. It can be a flat amount or a percentage of the loan amount (typically 0.5%–2%). This calculator includes the processing fee in the total cost of the loan so you can see the true total amount payable.