EMI Calculator with Amortisation

Equated monthly instalment for home, car or personal loans, with the full repayment schedule.

Formula

EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1)

Tips

On a 20-year home loan at 8.5%, total interest is close to the principal itself. Tenure matters far more than a small rate difference.
Prepayments made in the early years remove the most interest, because the outstanding balance is highest then.
Floating-rate home loans to individuals cannot carry a prepayment penalty in India. Fixed-rate loans can.
Under the old regime, home loan interest up to ₹2 lakh a year is deductible under Section 24(b) on a self-occupied property. The new regime does not allow it.

Frequently asked questions

Should I reduce the EMI or the tenure when prepaying?

Reducing the tenure saves considerably more interest. Reducing the EMI improves monthly cash flow. Most banks default to keeping the EMI and cutting the tenure, which is usually the better outcome — but confirm, because some do the opposite.