Quick Math
Work out the monthly payment for any loan — home, car, personal, education, gold, or business — and see how much of it is principal versus interest.
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance |
|---|
An EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month. Each instalment covers both interest and a part of the principal, calculated on a reducing balance.
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan principal, r is the monthly interest rate, and n is the number of months. This calculator uses that standard reducing-balance formula.
Yes. A longer tenure lowers your monthly EMI, but you pay more total interest over the life of the loan. A shorter tenure raises the EMI but cuts total interest.
It is an accurate estimate using standard formulas, but your lender's actual EMI can differ slightly due to processing fees, insurance, and the precise rate offered. Always confirm with your bank.
Use the rate your lender quotes you. Rates vary by loan type, tenure, your credit score, and the lender.
