Loan / EMI Calculator
Calculate your monthly loan payment (EMI), total interest, and total payment — with a full month-by-month amortization schedule you can download or print.
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Amortization schedule
| Month | Opening balance | Payment | Principal | Interest | Closing balance |
|---|
About this loan / EMI calculator
EMI stands for equated monthly installment — the fixed amount you pay each month toward a loan, calculated so that by the final payment both principal and interest are fully paid off. This calculator uses the reducing-balance method, which is how virtually every bank, mortgage lender, and auto loan in the world actually calculates interest: each month's interest is charged only on whatever principal balance is still outstanding, not on the original loan amount.
That single detail explains a pattern that surprises a lot of borrowers looking at their first repayment schedule: early payments are interest-heavy, and later payments are principal-heavy, even though the EMI amount itself stays constant. In month one, interest is calculated on the full loan amount, so a large share of that first payment goes toward interest. As the outstanding balance shrinks month by month, less of each fixed EMI is needed to cover interest, so more of it chips away at principal — the split gradually flips over the life of the loan. The schedule below shows this shift explicitly, row by row.
The formula behind the EMI figure is EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly installments. If you enter a 0% interest rate, the calculator simply divides the principal evenly across the tenure.
This tool calculates a standard fixed-rate loan with no prepayments, no processing fees, and no rate changes partway through the term — it will not match your actual lender's figures exactly if any of those apply, since real loan agreements often include charges this calculator doesn't model. Use it to understand the shape of your repayment and to compare loan offers on equal terms, and confirm exact figures with your lender before signing anything.
The full schedule can be downloaded as a CSV file for use in a spreadsheet, or printed directly from your browser (use "print to PDF" in the print dialog if you want a PDF copy) — nothing is uploaded anywhere; both the calculation and the export happen entirely on your device.
Frequently asked questions
How is EMI calculated?
Using the reducing-balance formula EMI = P × r × (1+r)n ÷ ((1+r)n − 1), where P is principal, r is the monthly interest rate, and n is the number of months. This is the standard method used by almost all lenders.
Why does the interest portion of my EMI decrease over time?
Because interest each month is charged only on the remaining loan balance. As you pay down principal, the balance shrinks, so less interest accrues, and a growing share of each fixed EMI goes toward principal instead.
Does this include processing fees or prepayment penalties?
No. This calculator models a standard fixed-rate loan with no fees, no prepayments, and no rate changes. Add any known fees separately when comparing real loan offers.
Can I download the full repayment schedule?
Yes. Use "Download as CSV" for a spreadsheet-ready file, or "Print schedule" to print directly or save as a PDF through your browser's print dialog.
What's the difference between flat-rate and reducing-balance interest?
Flat-rate interest is calculated on the original loan amount for the entire term, which produces a higher effective rate. Reducing-balance interest, used here, is calculated only on the outstanding balance each month, which is standard for mortgages, auto loans, and most personal loans.