EMI Calculator

An equated monthly instalment is the same number every month, but what that number is doing changes completely between the first payment and the last. This tool builds the reducing-balance schedule month by month so the shift is visible rather than implied.

What a single instalment is made of

Borrow 10,00,000 over 20 years at 8.5% and the instalment works out to 8,678.23. In month one, 7,083.33 of that is interest and only 1,594.90 reaches the principal. By month 240 the split has inverted: 61.04 of interest against 8,617.19 of principal.

The month where principal first overtakes interest is 143 — a shade under twelve years into a twenty-year loan. That crossover is the most useful line in the amortisation table under the calculator. It explains why refinancing in year three saves far more than the identical refinance in year fifteen, and why a lump-sum part-payment made early removes a disproportionate amount of future interest.

The cost of the tenure you pick

EMI = P × r × (1+r)^n / ((1+r)^n − 1)
r = annual rate ÷ 12 ÷ 100      n = years × 12

Total interest on that same loan is 10,82,775.76 — you repay 208% of what you borrowed. Stretching the term is the lever most borrowers reach for, because it lowers the instalment. It also multiplies the interest, and the calculator shows both figures side by side precisely so the trade is not hidden.

Reading the amortisation schedule

Press Calculate and the schedule appears below the result, grouped by year with each year expandable into its twelve months. Every row carries the opening balance, the instalment, the principal and interest components, and the closing balance. Export PDF writes the whole table out, which is the format worth taking to a lender when you want to question their own figures.

Where this calculator will mislead you

It models a clean loan: one fixed rate, held for the entire tenure, every instalment paid on time, nothing repaid early. Real loans are messier.

• Processing fees, documentation charges, insurance sold alongside the loan, and stamp duty are all excluded. They frequently add one to two percent of the principal on day one.
• A floating-rate loan resets. When the benchmark moves, most lenders hold the instalment steady and extend the tenure instead, which this fixed-term model cannot represent.
• Prepayments are not modelled. There is no field for them, so any schedule you export assumes you never make one.

For an offer you are close to accepting, the lender's own sanction letter and repayment schedule beat this page. Use the calculator to shortlist and to argue; use the sanction letter to sign.

Where to go next

The personal loan calculator has been folded into this page — an unsecured personal loan amortises on exactly the same reducing-balance maths, so enter the amount and rate here. For property-specific figures including loan-to-value, use the home loan calculator. For vehicle finance, use the car loan calculator. If you want to see what the same money would do invested rather than borrowed, the compound interest calculator runs the other direction.