EMI Calculator
Calculate loan EMI instantly
Loan Settings
Loan Summary
Breakdown
Loan Payoff Curves
Financial Insights
Repayment Structure
Over the lifetime of the loan, interest accounts for ₹487,828, representing 33% of the total ₹1,487,828 repaid to the lender.
Rate Reduction Impact
Lowering your interest rate by 1% (e.g. to 7.5%) would reduce your lifetime interest cost by approximately ₹63,407.
Prepayment Power
If you increase your monthly payment by 10% (extra ₹1,240), you will shave off approximately 16 months from your term and save ₹72,178 in interest.
What-If Optimization Scenarios
Lower Interest Rate (-1%)
Interest DropRefinancing to 7.5% interest rate
Shorter Tenure (-20%)
Term DecreaseReducing duration to 8.0 years
Higher EMI (+10%)
Prepayment LiftIncreasing payment to ₹13638/mo
Loan Amortization Schedule
Explore the principal-interest payoff trajectory over time| Year | EMI Repaid | Principal Paid | Interest Paid | Remaining Balance | Cumulative Payoff |
|---|---|---|---|---|---|
| Year 1 | ₹148,783 | ₹66,327 | ₹82,456 | ₹933,673 | 7% Principal |
| Year 2 | ₹148,783 | ₹72,190 | ₹76,593 | ₹861,483 | 14% Principal |
| Year 3 | ₹148,783 | ₹78,571 | ₹70,212 | ₹782,912 | 22% Principal |
| Year 4 | ₹148,783 | ₹85,516 | ₹63,267 | ₹697,396 | 30% Principal |
| Year 5 | ₹148,783 | ₹93,075 | ₹55,708 | ₹604,321 | 40% Principal |
| Year 6 | ₹148,783 | ₹101,302 | ₹47,481 | ₹503,019 | 50% Principal |
| Year 7 | ₹148,783 | ₹110,256 | ₹38,527 | ₹392,763 | 61% Principal |
| Year 8 | ₹148,783 | ₹120,002 | ₹28,781 | ₹272,762 | 73% Principal |
| Year 9 | ₹148,783 | ₹130,609 | ₹18,174 | ₹142,153 | 86% Principal |
| Year 10 | ₹148,783 | ₹142,153 | ₹6,630 | ₹0 | 100% Principal |
Frequently Asked Questions
What is an EMI?
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.
How is a monthly loan EMI calculated?
It is calculated using the principal loan amount, the interest rate per month, and the total number of monthly installments.
What is the formula for EMI calculation?
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1], where P is Principal, R is monthly interest rate, and N is the number of monthly installments.
How does loan tenure affect my monthly EMI?
A longer tenure reduces your monthly EMI amount but increases the total interest payable over the life of the loan. A shorter tenure increases the EMI but saves interest.
What is the difference between flat interest rate and reducing balance rate?
Flat rates calculate interest on the full initial principal throughout the tenure. Reducing balance rates calculate interest only on the remaining outstanding principal, making it significantly cheaper.
Can I use this EMI calculator for home, car, and personal loans?
Yes. The basic mathematical formula is identical. Simply input your specific loan principal, annual interest rate, and tenure.
What is a loan amortization schedule?
An amortization schedule is a table showing the breakdown of each monthly payment, detailing how much goes toward principal repayment and how much goes toward interest.
Does prepaying a loan lower the EMI?
Part-prepayments usually reduce your principal balance. You can choose to either lower your subsequent monthly EMIs or shorten the loan tenure.