EMI Calculator
Monthly instalment, total interest and a full amortisation schedule.
Loan details
A 0% rate is a real case (staff loans, 0% finance). The standard formula divides by zero there, so it is handled separately instead of showing NaN.
Monthly EMI
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Reducing-balance method
- Principal
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- Total interest
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- Total payable
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Where your money goes
Amortisation schedule
| Year | Payment | Principal | Interest | Balance |
|---|
The EMI formula
Equated Monthly Instalment on a reducing-balance loan is:
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
where P is the principal, r the monthly interest rate (annual rate ÷ 12 ÷ 100), and n the number of monthly payments. Each month interest is charged on the balance that is still outstanding, so the interest portion of your payment shrinks and the principal portion grows as the loan runs down.
Reading the schedule
The amortisation table shows exactly how each payment splits. Early on, most of your EMI is interest — on a 20-year home loan the crossover typically comes around year 12. That is why paying extra in the early years saves so much more than paying extra later; the Loan Payoff calculator quantifies that.
Details this calculator gets right
- 0% loans. Staff loans and 0% finance are real. The formula above divides by zero at r = 0, so that case is computed as principal ÷ months instead of returning NaN.
- The final row lands on zero. Floating-point drift normally leaves a few paise outstanding on the last line. The closing payment settles the exact remaining balance.
- Yearly and monthly views. Yearly totals are summed from the monthly rows, not re-derived, so the two views always agree.
Figures are indicative. Lenders round differently, and processing fees, insurance and any moratorium period are not included.