EMI Calculator - Amortization, Prepayment & Comparison
Calculate your monthly loan repayment instantly. See the full amortization schedule, discover how much a prepayment saves you, and compare three loan scenarios side-by-side. Works with any currency worldwide.
What makes it different
Other calculators give you
a number. This gives you a strategy.
Animated breakdown, full amortization schedule, prepayment impact, and 3-scenario comparison - not just an EMI formula.
Live animated donut chart
Drag the sliders and watch the principal vs interest split morph in real time - instantly shows how tenure and rate affect your total cost.
makes the math visualPrepayment impact calculator
Enter a lump-sum prepayment and instantly see how many months it saves and how much interest it eliminates - the number banks don't advertise.
your money works harder3-scenario comparison
Set up three different loan scenarios side by side and compare EMI, total interest, and total cost - the fastest way to find the optimal term.
choose with confidenceFull amortization schedule
Every month's breakdown - EMI, principal, interest, and balance - in a searchable, printable table you can export as CSV.
complete transparencyGlobal currency support
Switch between 20+ currencies with locale-aware number formatting. No region lock - works for home loans in Mumbai or mortgages in Manchester.
truly globalFlat vs reducing balance
Toggle between the two interest calculation methods and instantly see the real cost difference - a crucial distinction most calculators ignore.
know the true rateQuick guide
Calculate your loan in 3 steps
Set your loan details
Enter amount, rate, and tenure using the sliders. Choose your currency and loan type preset.
Analyse the breakdown
Watch the donut chart update live. Check Compare mode to test different tenure/rate combinations.
Plan your repayment
Use the Prepayment tab to see how extra payments save you money. Export the amortization schedule.
Understanding EMI - the full picture
An EMI (Equated Monthly Instalment) is the fixed amount you pay each month to repay a loan over an agreed period. Despite being a fixed number, what that payment is made up of changes dramatically over the life of the loan - early payments are mostly interest, while later payments are mostly principal repayment.
The EMI formula
The standard reducing balance EMI formula is: EMI = P × R × (1+R)^N / ((1+R)^N - 1) where P is the principal, R is the monthly interest rate (annual rate ÷ 12), and N is the total number of monthly payments. This tool calculates it instantly.
Reducing balance vs flat rate - a critical difference
With a reducing balance loan (used by most banks globally), interest is charged only on the outstanding principal each month. With a flat rate loan, interest is charged on the original amount throughout. A flat rate of 8% is actually equivalent to a reducing balance rate of roughly 14–15% - making flat rate loans far more expensive than they initially appear. Always confirm which method your lender uses.
| Loan parameter | Impact on EMI | Impact on total interest |
|---|---|---|
| Higher loan amount | EMI rises proportionally | Interest rises proportionally |
| Higher interest rate | EMI rises | Interest rises significantly |
| Longer tenure | EMI falls | Total interest rises substantially |
| Early prepayment | EMI falls or tenure reduces | Interest falls dramatically |
How to use the amortization schedule
The amortization schedule shows every monthly payment broken into principal and interest components. In the early months of a long loan, over 80% of each payment may be interest - this is called front-loading of interest. The schedule lets you identify exactly when you cross the 50% mark on principal repayment, which is a common milestone for planning prepayments.