Calculate loan EMI, total interest and year-wise amortization schedule for home, car and personal loans. Free, instant, no sign-up.
How EMI is calculated
An Equated Monthly Instalment (EMI) repays a loan in fixed monthly payments. Early payments are mostly interest; later payments are mostly principal. The schedule below shows the split for each year.
E = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), r = rate/12Frequently asked questions
Does a longer tenure reduce my EMI?
Yes, a longer tenure lowers the monthly EMI but increases the total interest you pay over the life of the loan.
What is an amortization schedule?
It is the year-by-year breakup of how much of your payments goes to principal versus interest, and the balance still owed.
Can I reduce total interest?
Prepaying principal, choosing a shorter tenure, or negotiating a lower rate all reduce total interest paid.
Last updated: 7 July 2026
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For illustration only — not investment advice. FinMint · MintKit