Calculate Equated Monthly Installment (EMI) for home, personal, or car loans.
| Year | Principal Paid | Interest Paid | Balance Outstanding |
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Equated Monthly Installment (EMI) is a fixed payment made by a borrower to a lender at a specified date each calendar month.
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 benchlines.