Calculate EMI with amortization schedule
| Year | Principal Paid | Interest Paid | Outstanding Balance |
|---|---|---|---|
| Year 1 | ₹81,134 | ₹46,348 | ₹4.19 L |
| Year 2 | ₹89,630 | ₹37,852 | ₹3.29 L |
| Year 3 | ₹99,015 | ₹28,467 | ₹2.30 L |
| Year 4 | ₹1.09 L | ₹18,099 | ₹1.21 L |
| Year 5 | ₹1.21 L | ₹6,645 | ₹0 |
Our Loan Calculator helps you calculate EMI for any type of loan - personal, business, education, or any other. It shows total interest, payment breakdown, and a detailed year-by-year amortization schedule.
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N – 1], where P is principal, R is monthly interest rate, and N is tenure in months. Our calculator does this automatically and shows you the breakdown.
An amortization schedule shows how each EMI payment is split between principal and interest over the loan tenure. Initially, more goes to interest; as time passes, more goes to principal. This helps you understand your loan payoff progress.
Processing fees (0.5-2% of loan amount) are usually deducted from the loan disbursement. Some banks offer to waive or reduce fees during promotions. Always factor this into your total loan cost calculation.
You can: (1) Make prepayments when you have surplus funds, (2) Refinance at lower rates when available, (3) Choose shorter tenure if EMI is affordable, (4) Look for balance transfer options to banks offering lower rates.