EMI calculator with amortization & prepayment
This EMI calculator does more than the monthly number. It shows the full amortization schedule, the principal-versus-interest split, how your outstanding balance falls over time, and exactly how much interest and time you save by prepaying. Enter the loan amount, interest rate and tenure – it works for home, car, personal and business loans on a reducing-balance basis.
Loan details
Any extra amount goes straight to principal – see the saving below.
Outstanding balance & amortization
| Year | Principal paid | Interest paid | Balance |
|---|
How to use this EMI calculator
- Set the loan amount with the slider or by typing it.
- Set the interest rate and tenure for your loan.
- Add an optional prepayment to see interest and months saved.
- Read the analysis – EMI, the split, the balance chart and the full schedule.
How the EMI formula works
EMI uses the reducing-balance formula EMI = P × r × (1+r)n / ((1+r)n − 1), where r is the monthly rate (annual ÷ 12 ÷ 100) and n is the tenure in months. Each EMI pays that month's interest first, and the rest reduces the principal – so early instalments are mostly interest and later ones are mostly principal, while the EMI itself stays constant. A higher rate or longer tenure raises the total interest.
Worked example
On a ₹25,00,000 home loan at 9% per year for 20 years (240 months), the monthly rate is 0.75% and the EMI is about ₹22,493. Over the full term you repay roughly ₹53.98 lakh, of which about ₹28.98 lakh is interest. Add a ₹5,000 monthly prepayment and the loan clears several years early, saving several lakh in interest – the calculator shows the exact figures.
Frequently asked questions
How is EMI calculated?
EMI is calculated with the formula EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of monthly instalments. The result is a fixed monthly payment that clears both principal and interest over the tenure.
What is an amortization schedule?
An amortization schedule shows how each EMI is split between interest and principal over the life of the loan. Early instalments are mostly interest; later ones are mostly principal. This calculator shows the full year-by-year schedule and a chart of the outstanding balance.
How much can prepayment save me?
Paying a little extra every month goes straight to principal, so the loan clears earlier and you pay far less interest. Use the prepayment input to see exactly how many months you save and how much interest you avoid for any extra amount.
Does a longer tenure reduce my EMI?
Yes, a longer tenure lowers the monthly EMI because the loan is spread over more months, but it increases the total interest you pay. A shorter tenure means a higher EMI but less interest overall.
Is this EMI calculator free?
Yes, it is free, needs no sign-up, and runs entirely in your browser. Nothing you enter is stored.
