Your exact monthly payment, the true total cost of the loan, and a year-by-year amortization schedule — all instant.
Assumes fixed rate with monthly compounding. Results update as you type.
| Year | Paid | Principal | Interest | Balance |
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EMI stands for Equated Monthly Installment — the fixed amount you pay your lender every month until the loan is cleared. Each payment splits into two parts: interest on the outstanding balance, and principal repayment. In the early years, most of your EMI goes toward interest; toward the end, most of it reduces principal. That shift is called amortization, and the table above shows it year by year.
EMI = P × r × (1+r)n / ((1+r)n − 1)
Where P is the loan amount, r the monthly interest rate (annual ÷ 12 ÷ 100), and n the number of monthly payments.
A longer tenure feels cheaper because the monthly payment drops — but it quietly inflates total interest. On a $250,000 loan at 6.5%, stretching from 20 to 30 years cuts the EMI by about $400/month yet adds roughly $115,000 in total interest. Before signing, always compare total interest, not just the monthly figure. If you can afford a shorter tenure, it is usually the cheapest money you'll ever "earn".
Got a bonus and wondering whether to prepay? Read EMI vs prepayment: which saves you more — with the exact decision rule and worked numbers.
EMI (Equated Monthly Installment) is the fixed monthly payment toward a loan, split between interest and principal. Early payments are interest-heavy; later payments are principal-heavy.
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is loan amount, r is monthly interest rate, and n is the number of monthly payments.
No. A longer tenure lowers the monthly payment but increases total interest substantially. Compare total interest across tenures before deciding.
Prepayments early in the tenure save the most interest. Check for prepayment penalties first, and compare the loan rate against what your money could earn invested elsewhere.