EMI Calculator
Calculate your Equated Monthly Installment (EMI), total interest payable, and overall loan repayment cost instantly.
Calculator Inputs
LiveLoan Amortization Schedule
Principal and interest repayment schedule over 10 years (120 payments)
| Year | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| Year 1 | ₹1,48,782.84 | ₹66,327.33 | ₹82,455.51 | ₹9,33,672.67 |
| Year 2 | ₹1,48,782.84 | ₹72,190.08 | ₹76,592.76 | ₹8,61,482.59 |
| Year 3 | ₹1,48,782.84 | ₹78,571 | ₹70,211.84 | ₹7,82,911.59 |
| Year 4 | ₹1,48,782.84 | ₹85,515.97 | ₹63,266.87 | ₹6,97,395.62 |
| Year 5 | ₹1,48,782.84 | ₹93,074.80 | ₹55,708.04 | ₹6,04,320.82 |
| Year 6 | ₹1,48,782.84 | ₹1,01,301.79 | ₹47,481.05 | ₹5,03,019.03 |
| Year 7 | ₹1,48,782.84 | ₹1,10,255.93 | ₹38,526.91 | ₹3,92,763.10 |
| Year 8 | ₹1,48,782.84 | ₹1,20,001.54 | ₹28,781.30 | ₹2,72,761.56 |
| Year 9 | ₹1,48,782.84 | ₹1,30,608.61 | ₹18,174.23 | ₹1,42,152.95 |
| Year 10 | ₹1,48,782.61 | ₹1,42,152.95 | ₹6,629.66 | ₹0 |
How to use the EMI Calculator
- 1Enter the total loan principal amount.
- 2Enter the annual interest rate offered by the lender.
- 3Select the loan tenure in months or years.
- 4Examine your exact monthly EMI, total interest, and total repayment amount.
How EMI is Calculated
EMI is calculated using reducing balance amortization, where interest is charged on the outstanding loan balance each month.
P is loan principal, r is monthly interest rate (Annual Rate / 12 / 100), and n is total tenure in months.
- 1Principal P = 100,000
- 2Monthly rate r = 8.5 / 12 / 100 = 0.0070833
- 3Tenure n = 120 months
- 4EMI = 100,000 × 0.0070833 × (1.0070833)¹²⁰ / ((1.0070833)¹²⁰ - 1) = $1,239.86
What affects EMI results
- Loan principal amount borrowed.
- Annual percentage interest rate.
- Loan repayment tenure (longer tenures lower monthly EMI but increase total interest).
- Part-prepayments made during the tenure.
Frequently Asked Questions
What does EMI stand for?
EMI stands for Equated Monthly Installment. It is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
How do prepayments reduce total interest on an EMI loan?
Prepayments directly reduce the outstanding principal balance. Since interest is calculated on outstanding principal, every extra dollar prepaid reduces future interest compounding.
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