View amortization schedule (year by year)
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Free Loan EMI Calculator with Amortization Schedule
Work out the monthly instalment on any home loan, car loan, or personal loan in seconds. Enter the amount, interest rate, and tenure to see your EMI, the total interest you will pay, the total amount payable, and a full year-by-year amortization schedule. Everything runs in your browser — no sign-up, nothing uploaded.
How the EMI is calculated
EMI stands for Equated Monthly Instalment, calculated on a reducing-balance basis. The principal is P, the monthly rate r is the annual rate divided by 12 and by 100, and n is the number of months. Each instalment covers that month’s interest first, and whatever remains reduces the principal — which is why early payments are interest-heavy and later ones clear the balance faster.
Why the schedule matters more than the EMI
Two loans with an identical EMI can differ enormously in total interest. A longer tenure lowers the monthly figure but raises lifetime cost, sometimes past the principal itself. Open the schedule and compare 15 years against 20 before you sign anything — the difference is usually larger than people expect.
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A worked example, with the numbers checked
Take a home loan of ₹10,00,000 at 9% a year over 20 years. The monthly rate is 9 — 12 — 100 = 0.0075, and the term is 240 months. Running those through the formula gives an EMI of ₹8,997.
Multiply that by 240 and you repay ₹21,59,342 in total — meaning ₹11,59,342 of interest on a ₹10,00,000 loan. You pay back more than twice what you borrowed, and nothing on the loan document states that in one place.
The front-loading nobody warns you about
The EMI stays constant. What it is composed of does not. In month one of the loan above, ₹7,500 of your ₹8,997 payment is interest and only ₹1,497 reduces the principal — just 16.6% of your payment is actually buying down the debt.
Two consequences follow, and both surprise people:
- The principal portion does not overtake the interest portion until month 149 — year 13 of a 20-year loan. For the first twelve years, most of every payment is rent on the money.
- After 10 years of a 20-year loan, you still owe ₹7,10,259 — 71% of the original principal. Half the payments made, and less than a third of the debt cleared.
This is exactly why the amortisation schedule matters more than the EMI figure. The EMI tells you what leaves your account. The schedule tells you what you actually own.
Why early prepayment is worth so much more than late prepayment
Because interest each month is charged on the outstanding balance, any rupee of principal you clear early stops accruing interest for every remaining month of the term. Prepay in year two and that rupee avoids 18 years of interest. Prepay in year eighteen and it avoids two.
On the same loan, adding just ₹5,000 a month to the EMI clears the loan in month 103, about 8.6 years instead of 20, and cuts total repayment to roughly ₹14,41,718. That is a saving of around ₹7,17,600 for an extra ₹5,000 a month. No investment product available to a retail borrower reliably returns that, which is why prepaying a high-rate loan is usually the highest-certainty return in a household budget.
One caveat worth checking before you commit: confirm whether your lender applies prepayments to principal immediately or holds them, and whether prepayment charges apply. Floating-rate home loans to individual borrowers in India generally cannot carry foreclosure charges, but fixed-rate loans and many personal and business loans still do.
The interest rate is not the whole cost
Two loans quoted at the same rate can cost meaningfully different amounts once processing fees, documentation charges, legal and valuation fees, and mandatory insurance bundled into the disbursement are included. A fee deducted at disbursement means you receive less than you borrowed while paying EMI on the full sanctioned amount, which raises your effective rate above the quoted one.
When comparing offers, add every one-off charge to the total repayment figure and compare that single number. Also check whether the rate is fixed or floating, and if floating, what external benchmark it is linked to and how often it resets — a rate that resets quarterly behaves very differently from one that resets annually.
Frequently asked questions
How is EMI calculated?
Using the formula EMI = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the principal, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of months. For ₹10,00,000 at 9% over 20 years this gives an EMI of ₹8,997.
Why is so little of my EMI going towards the principal?
Because interest is charged on the outstanding balance, which is highest at the start. On a ₹10,00,000 loan at 9% over 20 years, only 16.6% of the first EMI reduces the principal. The principal portion does not exceed the interest portion until month 149, and after 10 years you still owe about 71% of what you borrowed.
Does prepaying my loan early actually save much?
Substantially, and the earlier the better. Adding ₹5,000 a month to the EMI on the example loan clears it in roughly 8.6 years rather than 20 and saves around ₹7,17,600 in interest. Each rupee of principal cleared early stops accruing interest for every remaining month of the term.
Are there charges for prepaying a loan in India?
It depends on the loan type. Floating-rate home loans to individual borrowers generally cannot carry foreclosure charges, but fixed-rate loans and many personal and business loans still do. Check your sanction letter for prepayment terms and confirm how the lender applies part-payments before you make one.
Is this calculator financial advice?
No. It performs arithmetic on the principal, rate and tenure you enter, and everything runs in your browser with nothing transmitted or stored. It cannot assess your income, existing obligations or eligibility. For decisions about borrowing, speak to your lender or a qualified financial adviser.