Work out your monthly instalment, total interest and full repayment ledger for any loan — mortgage, auto, or personal.
| Year | Principal paid | Interest paid | Remaining balance |
|---|
Recalculates instantly as you type.
An EMI (equal monthly instalment) is calculated with the reduced-balance method: each payment first covers the interest on whatever principal is still outstanding, and the remainder chips away at the principal itself. That's why early payments are interest-heavy and later payments are mostly principal — the amortization table above makes that shift visible year by year.
EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments.
Any amount paid above the required EMI is applied entirely to principal that month, which reduces the interest charged on every future payment. Even a modest extra payment can cut years off a long mortgage — try the extra-payment field to see the effect on your own numbers.
EMI is the fixed amount you pay each month. Total interest is the sum of every interest portion across all those payments — shown as one of the mini-stats above once you calculate.
Usually yes — a shorter tenure means less time for interest to accrue, though the monthly EMI itself will be higher. The table above lets you compare tenures directly.
It uses the same standard reduced-balance formula most lenders use, so it should be very close. Small differences can come from processing fees, rounding conventions, or a variable rate your bank applies.