EMI Calculator
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- Monthly EMI - -
- Total interest - on top of what you borrowed
- Total payable - principal and interest together
- Interest share - of every rupee you repay
Principal, - Interest, -
| Year | Principal paid | Interest paid | Total paid | Balance left |
|---|
Work out the monthly instalment on a home, car or personal loan, then see the part that is interest rather than repayment. The year by year table shows how slowly the balance moves at the start and how fast it falls at the end.
About this EMI calculator
An equated monthly instalment is a fixed payment that covers the interest due that month first and puts whatever is left towards the balance. Because the balance starts large, the interest slice starts large too, which is why the first few years of a long loan barely dent what you owe. The table here is a real month by month run, added up into loan years, so you can see that happening instead of taking it on trust.
Two numbers are worth more attention than the instalment itself. The total interest tells you the true price of borrowing, and the interest share tells you how much of each repayment never touches your debt. Shorten the term by a few years and watch both fall: the instalment rises a little, the interest falls a lot. The same monthly compounding seen from the other side, working for you rather than against you, is what the SIP calculator projects.
How to calculate your EMI
- Enter the loan amount, which is the sanctioned amount after your down payment, not the price of the house or car.
- Enter the interest rate the lender quoted, per year. A rate of 0 is allowed for an interest free instalment plan.
- Set the term, in years or months. Everything recalculates as you type.
- Read the total interest next to the instalment. That is the part people forget to compare between lenders.
- Scroll the year by year table to see when the balance actually starts falling, then press Copy summary to keep the figures.
Common questions about EMI
How is the EMI worked out?
Why is so much of the early instalment interest?
Does a shorter term really save that much?
Are processing fees or prepayments included?
Is my loan amount sent anywhere?
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