Calculate monthly EMI, total interest, total payment, and full amortization schedule for any loan — Home, Car, Personal, Education & more.
Equated Monthly Installment (EMI) is a fixed payment made by a borrower each month. It includes both principal repayment and interest, spread equally across the entire loan tenure.
Longer tenure = lower EMI but higher total interest paid. Shorter tenure = higher EMI but significant interest savings. Choosing the right balance is key to smart borrowing.
Making extra payments early in the loan reduces outstanding principal, cutting total interest significantly. Even one extra EMI per year can save years off your loan tenure.
Most modern loans use reducing balance method — interest is charged only on outstanding principal. This is more borrower-friendly than flat rate loans where interest is fixed on original principal.