Loan Details
🏠 Home
🚗 Car
💼 Personal
Results update automatically as you type
Monthly EMI
₹0
Principal Amount₹0
Total Interest Payable₹0
Total Amount Payable₹0
Principal: —
Interest: —
Amortization Schedule
| Month | EMI | Principal | Interest | Balance |
|---|
How is EMI Calculated?
EMI (Equated Monthly Instalment) is the fixed amount you pay every month until the loan is fully repaid. It covers both principal repayment and interest.
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
P = Principal loan amount
r = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
n = Total number of months (Years × 12)
Tips to Reduce Your EMI
A higher down payment reduces the principal. Even a 0.5% lower rate can save lakhs over the loan term. Part prepayments significantly reduce future interest.
Frequently Asked Questions
How is EMI calculated? ⌄
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate (annual ÷ 12 ÷ 100), and n is total months.
What is an amortization schedule? ⌄
A table showing each monthly payment split into principal and interest, plus remaining balance. Early months have more interest; this shifts over time.
Does prepayment reduce EMI or tenure? ⌄
Most banks let you choose. Reducing tenure saves more interest. Reducing EMI gives monthly cash flow but costs more long-term.
How much home loan can I get on my salary? ⌄
Most banks cap the EMI at 40–50% of net monthly income. Roughly 50–60× your monthly net salary, subject to credit score.