Calculate your Equated Monthly Installment, total interest payable, and view a full amortization schedule.
| Year | Total EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | ₹2,46,198 | ₹1,67,629 | ₹78,569 | ₹8,32,371 |
| Year 2 | ₹2,46,198 | ₹1,82,446 | ₹63,752 | ₹6,49,925 |
| Year 3 | ₹2,46,198 | ₹1,98,573 | ₹47,626 | ₹4,51,352 |
| Year 4 | ₹2,46,198 | ₹2,16,125 | ₹30,074 | ₹2,35,228 |
| Year 5 | ₹2,46,198 | ₹2,35,228 | ₹10,970 | ₹0 |
| Total | ₹12,30,992 | ₹10,00,000 | ₹2,30,992 | — |
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. EMIs are used to pay off both interest and principal every month, so that over a specified number of years, the loan is fully paid off.
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1) — where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly installments.