Calculate your Equated Monthly Installment (EMI) for loans with detailed breakdown and amortization schedule.
Input your loan amount using the slider or by typing directly. Adjust the interest rate (per annum) and loan tenure (in years) to match your loan terms.
The calculator automatically displays your monthly EMI, total interest payable, and total amount (principal + interest) as you adjust the values.
Review the month-wise breakdown table to see how your principal and interest payments change over time. The chart shows the visual breakdown of principal vs interest.
Click 'Export XLSX' to download a detailed report with all calculations and the complete amortization schedule.
Where P = Principal (loan amount), R = Monthly interest rate (annual rate ÷ 12 ÷ 100), and N = Loan tenure in months (years × 12).
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
1. Loan Amount (Principal): The higher the loan amount, the higher the EMI.
2. Interest Rate: A higher interest rate increases your monthly outgo. Even a 0.5% difference can save lakhs over a 20-year tenure.
3. Loan Tenure: Longer tenure reduces your monthly EMI but significantly increases the total interest you pay. Shorter tenure means higher EMI but lower total interest cost.
Most banks use the Reducing Balance Method, where interest is calculated on the outstanding principal amount each month. As you pay off the principal, the interest portion reduces.
Some NBFCs might quote a Flat Rate, where interest is calculated on the initial principal for the entire tenure. A 10% Flat Rate is often more expensive than a 16% Reducing Balance rate. Always check which method is being used!
Paying just one extra EMI every year can drastically reduce your loan tenure and interest burden.
Example:
Scenario A: Regular Payments
Scenario B: 1 Extra EMI/Year
Takeaway: Small prepayments make a massive difference in the long run.
You can easily calculate EMI in Microsoft Excel or Google Sheets using the PMT function.
Formula: `=PMT(rate, nper, pv, [fv], [type])`
Example:
For a loan of $5,00,000 at 12% interest for 5 years:
`=PMT(12%/12, 5*12, -500000)`
This will give you the monthly EMI amount instantly.