Advanced EMI Calculator
EMI, full schedule, prepayment savings and what a rate rise really costs.
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Runs on your device. Nothing is uploaded.How it works
- 1Enter the loan amount, the interest rate your bank quoted and the loan term.
- 2See your EMI, the total interest and a year-by-year chart and table.
- 3Try extra payments to see how much interest you save and how early the loan ends.
- 4Check what a rate rise or cut would do, then download the PDF or the Excel schedule.
Common questions
How is EMI calculated?
Banks use the reducing-balance formula: the monthly rate is applied to the outstanding amount, and the instalment is fixed so the loan clears exactly at the end of the term. Early instalments are mostly interest; later ones are mostly principal. Open "How we calculated this" on the page to see the formula worked through with your own numbers.
Why is my bank quoting a different number?
Most banks round the EMI to the nearest rupee, add interest for the gap between disbursal and your first instalment, and some calculate interest daily. Processing fees and bundled insurance change the real cost too. Use this to compare offers, then confirm the exact amount with the lender.
Should I choose a longer term to lower my EMI?
A longer term lowers the monthly payment but raises total interest, often substantially. Move the term slider and watch the total interest in the chart to see the trade-off for your own numbers.
After a prepayment, should I reduce my EMI or my tenure?
Keeping the same EMI and shortening the tenure almost always saves more interest, because the balance falls faster. Lowering the EMI helps if your monthly budget is tight. The prepayment section shows both side by side for your loan, so you can see the exact difference before you ask your bank.
What happens to my EMI when interest rates go up?
On a floating-rate loan, many banks keep the EMI the same and quietly extend the tenure. Even a 1% rise can add years to the loan and a large amount of extra interest. Raising the EMI instead usually costs far less overall. In India, RBI rules from 2023 require banks to tell you at a reset and let you choose between a higher EMI, a longer tenure, a mix, or prepaying.
Are there charges for prepaying a home loan?
In India, banks cannot charge individuals for prepaying floating-rate loans taken for personal use. Fixed-rate loans, and lenders in many other countries, may charge a fee — check your loan agreement. If yours does, enter the percentage in the prepayment section and the savings are shown after the charge.
Is prepaying always the best use of extra money?
Not always. Prepaying gives a guaranteed saving equal to your loan rate, but the money is locked in. Keep an emergency fund first, and if your investments reliably earn more than your loan rate after tax, investing may come out ahead. This calculator shows the loan side; it is not financial advice.