Calculate your EMI, see savings from extra payments, and view full amortization schedule
| Amount | Date | Action |
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| # | EMI | Interest | Principal | Extra Pmt | Balance |
|---|---|---|---|---|---|
| Fill loan details to see schedule | |||||
Our free online loan calculator helps you calculate your monthly EMI (Equated Monthly Installment), total interest payable, and provides a complete amortization schedule. See how extra payments can save you thousands in interest and shorten your loan tenure.
When we built this calculator, we wanted to answer one question most borrowers never get clarity on: how much extra would I save by paying just a little more each month? Indian home loans typically run 15-20 years, and the total interest often exceeds the principal. A Rs. 50 lakh loan at 8.5% for 20 years costs over Rs. 52 lakh in interest alone. This tool shows you exactly how extra payments slash that number.
The estimate uses a reducing-balance EMI formula and assumes the interest rate remains unchanged unless you enter a different rate. Actual lender schedules can differ because of daily interest calculations, fees, insurance, rate resets, payment timing, holidays, rounding, and the lender's treatment of prepayments. Compare the result with your lender's statement before making a repayment decision.
Making even small extra payments towards your loan can save you a significant amount in interest. For example, on a Rs. 50,00,000 home loan at 8.5% for 20 years, paying just Rs. 5,000 extra every month can save you over Rs. 10,00,000 in interest and reduce your tenure by more than 5 years. Our calculator shows you exactly how much you can save.
The EMI is calculated using the formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate, and n is the total number of months. Our calculator does this math instantly for you.
Many home and vehicle loans use a reducing-balance method, so early payments can contain a larger interest component. Prepayment terms, charges, and lender rules vary by product and borrower. Do not assume that a prepayment is penalty-free; check your loan agreement and the latest lender or regulator guidance before acting.
Financial-use notice: This is an educational calculator, not financial advice or a lender quote. It does not include every fee, tax, insurance cost, rate reset, or contractual condition.
Q: What is EMI?
A: EMI stands for Equated Monthly Installment. It is the fixed amount you pay every month to repay your loan over the tenure period.
Q: How does extra payment reduce interest?
A: When you make an extra payment, it directly reduces your principal balance. Since interest is calculated on the remaining principal, your total interest decreases significantly.
Q: Can I use this for home loan EMI calculation?
A: Yes, this calculator works for all types of loans including home loan, car loan, personal loan, education loan, and business loan.
Q: What is an amortization schedule?
A: An amortization schedule shows month-by-month breakdown of your loan repayment, including how much goes towards interest, principal, and the remaining balance.
Q: Does this calculator factor in the RBI repo rate changes?
A: No. The calculator uses the fixed annual interest rate you enter. For floating-rate loans, you can manually adjust the rate to simulate changes.
Use our free loan calculator to plan your loan repayment strategy. Understand your EMI burden, compare different loan scenarios, and make informed financial decisions. No registration required - start calculating now!