DavemiEMI Calculator
Calculate loan EMI, total interest, and the full repayment schedule.
Monthly EMI
0
Total Interest
0
Total Payment
0
Amortization Schedule
| Month | Principal | Interest | Balance |
|---|
Why calculate your EMI first?
The monthly figure a lender quotes tells you only half the story. Two loans with the same EMI can differ by a large sum in total interest depending on tenure, and the split between interest and principal shifts dramatically over the life of the loan. Seeing the full schedule before signing shows what the loan actually costs, not just what it costs this month.
How it works
- Enter the loan amount, annual interest rate and tenure.
- Read your monthly EMI and the total interest payable.
- Open the amortization schedule to see the interest-versus-principal split month by month.
- Adjust the tenure to compare the real cost of a longer term.
Frequently Asked Questions
How is EMI calculated?
EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments. This is the standard formula used by banks and lenders.
What does the amortization schedule show?
For each month, it splits your fixed EMI into how much goes toward interest versus principal, and the remaining loan balance. Early payments are interest-heavy; later payments pay down more principal.
What does EMI stand for?
Equated Monthly Instalment — a fixed payment made every month covering both interest and principal, so the loan is fully repaid by the end of the term.
Why is so much of my early payment going to interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest portion shrinks and more of each identical payment goes to principal.
How much does a longer tenure actually cost me?
A longer term lowers the monthly payment but increases total interest, often substantially. Compare the total interest figure across two tenures to see the real trade-off before choosing.
Does making prepayments reduce my EMI or my term?
That depends on your lender — most keep the EMI fixed and shorten the term, which saves the most interest. Some will reduce the EMI instead. Ask which applies before prepaying.
Does it work for home, car and personal loans?
Yes. The formula is the same across loan types; only the rate and tenure differ. Enter the figures your lender quoted.
Why does my bank's figure differ slightly from this one?
Lenders may round differently, charge processing fees, or start interest from the disbursement date rather than the first full month. Treat this as an accurate estimate for comparison, not a final quote.
What's the difference between flat and reducing-balance interest?
Reducing balance charges interest only on what you still owe and is what this calculator uses. Flat rate charges on the original amount throughout, making a quoted flat rate far more expensive than the same number quoted as reducing balance.
Is my loan information stored anywhere?
No. The calculation runs entirely in your browser — nothing is saved or transmitted.
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