Know the cost before you borrow.
Calculate your EMI, see where each payment goes, and explore the difference an extra payment could make.
Your loan
Pay a little extra?
See how an additional monthly payment could change the cost.
120 payments at a constant 8% annual rate
Monthly reducing balance, constant rate, payments at month-end. Excludes fees, insurance, rate changes and prepayment charges. Rounded display values may not sum exactly.
One payment. Two parts.
An equated monthly instalment combines interest and repayment of the amount borrowed. In a reducing-balance loan, interest is calculated on the outstanding balance. Early payments generally contain more interest; later payments repay more principal.
The scheduled EMI stays constant in this model. Adding an extra monthly payment reduces the balance faster and can shorten the term. The calculator assumes the lender applies that extra money to principal immediately after the scheduled payment.
A zero-interest example
Borrow 120,000 for 12 months at 0%. The monthly payment is 10,000 and total interest is zero. Add 2,000 every month and the balance is repaid in ten months. This simple case also helps check the schedule.
The EMI formula
E = P × r / (1 − (1+r)−n)
P is principal, r is the monthly rate (annual percentage ÷ 1,200), and n is the number of monthly payments. At zero interest, E = P ÷ n.
Monthly interest = opening balance × r. Principal repaid = actual payment − interest. We calculate with full precision and round only displayed amounts.
What is excluded?
Processing fees, insurance, late fees, prepayment charges and floating-rate changes. This is an estimate, not a lender quote or an APR calculation. Confirm the actual payment and terms with your lender.
Common loan questions
Can I use this for a home, car or personal loan?
Yes, for a constant-rate loan with monthly reducing-balance payments. Balloon payments, moratorium periods and product-specific fees require a different schedule.
Does extra repayment reduce my EMI?
Here it shortens the term while keeping the scheduled EMI unchanged. Some lenders instead recalculate the EMI; check which approach applies.
Why does my bank show a slightly different amount?
Differences can come from daily interest, rounding each instalment, payment dates, fees or rate changes. Use your lender’s contractual schedule for actual obligations.