EMI Calculator
Monthly EMI, total interest, and — unlike most calculators — exactly what an extra monthly payment saves you.
This is a calculator, not tax advice. It estimates outcomes based on publicly available rules and typical provider pricing — it does not account for your specific circumstances. Rules and rates change. Verify anything you rely on with a qualified CA before you act on it.
Most calculators stop at the EMI figure — this shows what paying a bit extra every month actually saves you.
Monthly EMI
₹10,871
Total interest
₹1,52,273
Total payment
₹6,52,273
How this is calculated
EMI uses the standard reducing-balance formula: each month, interest is charged on whatever principal is still outstanding, and the rest of your fixed EMI goes toward paying down that principal. Early in the loan, most of your EMI is interest; later, most of it is principal — this tool's amortization math reflects that shift exactly.
The prepayment feature runs the full month-by-month amortization twice — once as scheduled, once with your extra payment applied every month — and reports the real difference in both total interest and payoff time, rather than an approximation.
Frequently asked questions
How is EMI calculated?
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 months. This is the standard reducing-balance formula used by virtually every lender in India.
Why does prepayment save so much interest?
Because interest is charged on the outstanding balance each month — every extra rupee of principal you pay off early stops accruing interest for the rest of the loan's life. The earlier in the loan you prepay, the bigger the effect, since more months of interest are avoided.
Does this account for prepayment penalties?
No — most floating-rate loans in India have no prepayment penalty, but some fixed-rate loans do. Check your loan agreement before assuming the full savings shown here are penalty-free.
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