Work out the monthly instalment on any loan before you sign. Enter the amount, interest rate and tenure — your EMI, total interest and a full repayment schedule update instantly.
Tip: a longer tenure lowers the EMI but raises the total interest. Try shortening the tenure and watch the interest drop.
Each bar is one year of payments, split into principal (teal) and interest (coral). Early payments are mostly interest; later ones mostly principal.
Year-by-year summary below. Open “Monthly breakdown” for every single payment.
| Year | Principal paid | Interest paid | Total paid | Balance left |
|---|
| Month | EMI | Principal | Interest | Balance |
|---|
EMI — Equated Monthly Instalment — is the fixed amount you pay the lender every month until the loan is cleared. Each payment covers that month's interest first; whatever is left reduces the principal. Banks and finance companies everywhere use the standard reducing-balance formula:
P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. At a 0% rate the EMI is simply the amount divided by the number of months.
Three levers decide your EMI. A bigger loan raises it directly. A higher interest rate raises both the EMI and — much more sharply — the total interest. A longer tenure shrinks the monthly payment but stretches the interest over more months, so the loan costs more overall. That is why the schedule above matters: the same EMI can hide very different total costs.
Figures are estimates. This calculator assumes a fixed rate and equal monthly payments. Your lender may add processing fees, insurance or taxes, and floating-rate loans change over time — always confirm the final schedule in your loan agreement.
A common guideline is to keep all your EMIs together under 30–40% of your monthly take-home income. Lenders often use a similar ratio (called FOIR) when deciding how much to approve.
Yes — a lot. Any extra amount goes straight to the principal, which reduces every future month's interest. Even a small prepayment early in the tenure can cut the total interest noticeably. Check your agreement for prepayment charges first.
Interest is charged on the outstanding balance, which is largest at the start. As you repay, the balance — and therefore each month's interest — falls, so a growing share of the same EMI goes to principal. This is visible in the yearly chart above.
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