Calculate your monthly payments accurately and generate a complete yearly Amortization Schedule to see exactly how your loan pays down over time.
Whether you are planning to take a home loan, buy a new car, or apply for a personal loan, calculating your Equated Monthly Installment (EMI) accurately is the first step in smart financial planning. Our Advanced EMI Calculator provides instant results and generates a full Amortization Schedule.
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term. While your monthly EMI remains the same, early in your loan, the majority of the payment goes toward interest. In the later years, the majority goes toward paying down the principal.
Our tool uses the standard mathematical formula used by banks globally to calculate EMIs:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
Interest is calculated on your outstanding principal balance. Since the balance is highest at the beginning of the loan, the interest charge is also highest. As you pay down the principal over time, the interest portion of your EMI decreases.
Yes! This calculator is perfect for Home Loans, Car Loans, Personal Loans, and Education Loans. The mathematical formula remains the same across these loan types.
This calculator assumes a fixed interest rate. If you have a floating rate loan, your EMI or tenure will change when the bank adjusts the base rate.