Monthly payment, total interest and the full amortisation schedule.
Monthly payment (EMI)
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Total interest
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Total repaid
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Interest as % of loan
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Saved by extra payment
Where your money goes
Balance remaining over time
Full amortisation schedule
Year
Principal paid
Interest paid
Balance
An estimate only. Lenders add fees, insurance and their own rounding, so your actual instalment will differ — always confirm with the lender.
How this works
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = loan amount r = annual rate ÷ 12 ÷ 100 n = months
$300,000 at 8.5% over 20 years
Amount
Monthly EMI
$2,603.47
Total repaid (240 payments)
$624,833
Total interest
$324,833
Month 1 — interest portion
$2,125.00
Month 1 — principal portion
$478.47
Uses reducing-balance interest — the standard for mortgages and bank loans.
A 10% flat rate is roughly 18–19% reducing balance. Ask which is quoted.
Excludes fees, insurance and taxes.
Extra payments work hardest in the early years, when interest dominates.
Currency
Amounts follow the currency selected above.
What is EMI?
The fixed amount you pay each month until a loan is repaid. Each payment covers that month’s interest first, and whatever is left reduces the principal.
How can I reduce my EMI?
Borrow less, get a lower rate, or lengthen the term. Lengthening lowers the monthly payment but raises total interest sharply — stretching 20 years to 30 can add more than 50% to lifetime interest.
Why does my bank quote a different EMI?
Lenders differ in rounding, day-count conventions and whether fees are financed into the loan. A few units per month is normal; a large gap usually means fees are included.
What’s the difference between a flat rate and a reducing balance rate?
A flat rate charges interest on the full original loan amount every year, even as you repay it. A reducing balance rate — what this calculator and virtually all bank EMIs use — charges interest only on what’s still outstanding, so a quoted 10% flat rate can work out close to 18–19% reducing balance.
Does paying extra each month actually save money?
Yes — every extra unit goes straight to principal, cutting the interest that principal would otherwise generate for the rest of the loan. Because interest is heaviest in the early years, extra payments made sooner save more than the same amount paid later. Use the "Extra payment" field above to see the exact interest saved and time cut off.
What happens if I miss an EMI payment?
The lender typically adds a late fee and keeps accruing interest on the outstanding balance, so a missed payment makes the loan more expensive rather than reducing what you owe. Repeated misses can also affect your credit score — check your loan agreement for the exact penalty terms.