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 you can actually see the shift happen.

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 goes to the principal. By month 240 the split has flipped: 61.04 of interest against 8,617.19 of principal.

Principal first overtakes interest in month 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's why refinancing in year three saves far more than the identical refinance in year fifteen, and why a lump-sum part-payment made early wipes out 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, so you repay 208% of what you borrowed. Most borrowers reach for a longer term first, because it lowers the instalment. It also multiplies the interest, and the calculator puts both figures side by side so you can see what you're trading.

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 shows the opening balance, the instalment, the principal and interest components, and the closing balance. Export PDF writes out the whole table, and that's the format to take to a lender if 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 keep the instalment steady and extend the tenure instead, which this fixed-term model can't represent.
• Prepayments aren't modelled. There's no field for them, so any schedule you export assumes you never make one.

When you're close to accepting an offer, the lender's own sanction letter and repayment schedule beat this page. Use the calculator to compare offers and push back on numbers, and go by the sanction letter when it's time 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 just 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. And if you want to see what the same money would do if you invested it instead of borrowing it, the compound interest calculator runs the other direction.