Update your browser or use a current version of Chrome, Edge, Firefox or Safari.
Explore monthly EMI, total interest, repayment dates and the balance remaining after each payment. Compare terms, model additional repayments, and export your amortization schedule. Change currency to adjust labels and number formatting; amounts are not converted.
EMI = P × r ÷ (1 − (1 + r)−n)
P is the loan principal. r is the annual interest percentage divided by 1200, giving the monthly rate. n is the number of monthly payments. At zero interest, the payment is P ÷ n. This calculator rounds monthly interest and payments to two decimal places and adjusts the final payment to settle the balance.
A longer term usually lowers the monthly payment while increasing total interest. A shorter term generally requires a larger monthly payment. Use the tenure slider and what-if rows to see the difference for the amount and rate you enter.
An extra payment reduces the outstanding principal, so future interest is calculated on a smaller balance. This simulation applies extras after the regular monthly EMI and caps them at the amount still owed. Lender restrictions and prepayment penalties are not included.
Reducing tenure keeps the regular payment and moves the payoff earlier. Reducing EMI recalculates the payment after each prepayment over the remaining original term. You can also model an annual increase in your payment. These are comparisons, not recommendations.
Each regular EMI contains interest and principal. Interest is calculated on the opening balance, and the rest of the payment repays principal. As the balance falls, the interest portion usually gets smaller. The yearly view groups every 12 payments from your first EMI; the monthly view shows exact dates and balances.
EMI means equated monthly installment: the regular monthly payment toward loan principal and interest. A rate reset, prepayment strategy or annual payment increase can change the EMI in a simulation.
The formula above uses the amount borrowed, monthly interest rate and number of payments. This calculator uses a monthly reducing-balance model, not daily interest accrual.
It can do either, depending on the lender’s rules and your selected strategy. Try both strategies in Beat your loan. The simulation assumes the selected recalculation is permitted.
The saving depends on the amount, timing, rate and repayment strategy. The calculator subtracts the simulated schedule’s interest from the original schedule’s interest, rather than estimating savings from the prepaid amount alone.
A shorter tenure generally reduces interest but raises the monthly payment. Compare those tradeoffs against your own budget and the loan terms. No scenario is automatically labeled best.
Yes. The principal is divided across the selected number of months, with any rounding difference settled in the final payment.
Advanced settings supports one future rate reset. Keep tenure to recalculate EMI, or keep EMI to estimate the new payoff time. Other repayment simulations still apply. Payments that cannot reduce the balance produce an error instead of a misleading payoff date.
Calculations, saved scenarios, CSV and PDF generation run in your browser. Saved scenarios stay in this browser. Editing does not add financial values to the URL. Choosing Share creates a link containing the current calculator values; anyone who receives that link can read them, and opening it makes a normal page request to the site.
Processing fees and other charges appear as a separate upfront cost. They are not financed into the principal, deducted from proceeds or included in the interest total. This tool does not calculate APR.
Learn more about how amortization works from the Consumer Financial Protection Bureau.