Estimate your monthly EMI, total interest and total repayment. Includes amortization schedule and pie chart breakdown.
| Month | Opening | Principal | Interest | EMI | Closing |
|---|
EMI (Equated Monthly Installment) is the fixed amount you pay every month. Each EMI includes two parts: interest and principal. In the early months, interest is higher. Over time, principal repayment increases.
Formula used: EMI = P × r × (1+r)^n / ((1+r)^n − 1) where r is monthly interest rate and n is months.
Is this EMI calculator accurate?
It provides a close estimate based on principal + interest. Actual lender EMIs may vary due to fees, insurance, taxes, or rounding.
Can I reduce my EMI?
You can reduce EMI by lowering the loan amount, increasing tenure, or getting a lower interest rate.
Why does total interest change a lot with tenure?
Longer tenure increases the number of months interest is charged, increasing total interest paid.
Disclaimer: This tool is for educational purposes only and does not constitute financial advice.