Calculate monthly EMI for home, car and personal loans. See amortization schedule, prepayment impact and compare two loans. Free and accurate.
Monthly EMI
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Total interest
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Total payment
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Effective cost
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EMI (Equated Monthly Installment) is calculated using the formula:
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1) where P = Principal, r = monthly rate, n = number of months
Our calculator uses the reducing balance method: interest is charged on the outstanding principal each month, so the principal component increases and the interest component decreases over time. The amortization schedule shows this month-by-month breakdown.
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EMI (Equated Monthly Installment) is a fixed amount you pay each month towards your loan. It includes both principal and interest. Over the loan tenure, the interest portion decreases and the principal portion increases.
EMI is calculated using the reducing balance method: EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of months. Interest is charged on the outstanding principal each month.
Yes. Prepaying part of your loan reduces the outstanding principal, so you pay less interest over the remaining tenure. You can either reduce the EMI (same tenure) or shorten the tenure (same EMI).
Reducing balance (used here): interest is calculated on the outstanding principal each month, so total interest is lower. Flat rate: interest is calculated on the full principal for the entire tenure. Most banks use reducing balance for loans.
Yes. This EMI calculator is free. No signup or download required. Use it for home, car, personal, or education loans. Results are indicative; actual terms depend on your lender.