Calculate Equated Monthly Installment (EMI) for home, personal, or car loans.
| Year | Principal Paid | Interest Paid | Balance Outstanding |
|---|
Equated Monthly Installment (EMI) is a periodic payment used to repay a loan over a chosen tenure. This calculator assumes a standard reducing-balance monthly-interest model.
Important: Real loan schedules can differ because of lender-specific compounding, fees, rate resets, broken-period interest, prepayment rules and rounding.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is principal, R is monthly interest rate, and N is monthly tenure.
Longer tenure lowers monthly EMI but increases total interest paid over the life of the loan.
An amortization schedule provides a complete table showing principal and interest paid in every period.
Yes, partial prepayments reduce principal balance, which can lower EMI or reduce loan tenure.
Fixed rates remain constant throughout the loan tenure, while floating rates fluctuate with market benchmarks.