EMI Calculator

Calculate EMI (Equated Monthly Installment) for a fixed rate loan spanned across years with annual and monthly amortization tables.
You can calculate principal and interest components for financial years which are useful for tax calculations.


Loan Parameters
Loan Amount :
$
Interest rate :
%
Loan term :
years
EMI Start Date :
Financial Year :
Repayment Details

Loan Amount = $ 1,00,000

EMI = $ 3,227

Total Interest = $ 16,162

Total Payments = $ 1,16,162

Periods = 36 months

Last EMI Date = 28-March-2020

Repayment Chart
Payment Distribution Graph
Amortization Table
Year Total Payment Interest Principal Balance
  1 $ 38,721 $ 8,646 $ 30,074 $ 69,926
April-2017 3,227 833 2,393 97,607
May-2017 3,227 813 2,413 95,193
June-2017 3,227 793 2,433 92,760
July-2017 3,227 773 2,454 90,306
August-2017 3,227 753 2,474 87,832
September-2017 3,227 732 2,495 85,337
October-2017 3,227 711 2,516 82,822
November-2017 3,227 690 2,537 80,285
December-2017 3,227 669 2,558 77,727
January-2018 3,227 648 2,579 75,148
February-2018 3,227 626 2,600 72,548
March-2018 3,227 605 2,622 69,926
  2 $ 38,721 $ 5,497 $ 33,223 $ 36,702
April-2018 3,227 583 2,644 67,282
May-2018 3,227 561 2,666 64,616
June-2018 3,227 538 2,688 61,927
July-2018 3,227 516 2,711 59,217
August-2018 3,227 493 2,733 56,484
September-2018 3,227 471 2,756 53,728
October-2018 3,227 448 2,779 50,949
November-2018 3,227 425 2,802 48,146
December-2018 3,227 401 2,825 45,321
January-2019 3,227 378 2,849 42,472
February-2019 3,227 354 2,873 39,599
March-2019 3,227 330 2,897 36,702
  3 $ 38,721 $ 2,018 $ 36,702 $ 0
April-2019 3,227 306 2,921 33,781
May-2019 3,227 282 2,945 30,836
June-2019 3,227 257 2,970 27,867
July-2019 3,227 232 2,994 24,872
August-2019 3,227 207 3,019 21,853
September-2019 3,227 182 3,045 18,808
October-2019 3,227 157 3,070 15,738
November-2019 3,227 131 3,096 12,642
December-2019 3,227 105 3,121 9,521
January-2020 3,227 79 3,147 6,374
February-2020 3,227 53 3,174 3,200
March-2020 3,227 27 3,200 0

Flat Rate EMI Calculator
Calculate EMI for a flat rate loan with annual and monthly amortization tables
Loan Amt
Loan Term    years
Flat Rate   %


Convert Flat to Reducing Balance Interest Rate
This tool finds the effective interest rate for a flat rate interest loan.
Loan Amount      ₹   
Loan Term       years
Flat Interest Rate %
Flat -vs- Reducing Balance Interest Rate
Check the EMI Calculations for Flat vs Reducing Balance Interest Rate

In Flat Interest Rate loans, interest is calculated on the initial principal amount througout the loan tenure.

In Reducing Balance Interest Rate loans, interest is calculated on the remaining principal amount at any time.

Flat interest rate is normally used by vehicle finance companies.
Loan Amount      ₹   
Loan Term       years
Flat Rate                   %
Reducing Balance Rate %


Compare EMI Calculations
Compare EMI calculations for 2 interest rates. See how EMI and total interest amount change for different interest rates and the same loan amount and tenure. Useful when bank interest rates are changes for existing loans.
Loan Amount  ₹ 
Loan Term     years
Interest Rate 1 %
Interest Rate 2 %





What is EMI ?

According to WikiPedia an Equated Monthly Installment (EMI) is defined as "A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full."

It further explains that, with most common types of loans, such as real estate mortgages, the borrower makes fixed periodic payments to the lender over the course of several years with the goal of retiring the loan. EMIs differ from variable payment plans, in which the borrower is able to pay higher payment amounts at his or her discretion. In EMI plans, borrowers are usually only allowed one fixed payment amount each month.

The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month, making the personal budgeting process easier.

The formula for EMI (in arrears) is:

Responsive image
  • A : Periodic Payment
  • P : Principal Amount Borrowed
  • r : Periodic Interest Rate
  • n : Total Number of Payments
What is Amortization Table ?
An amortization schedule is a table detailing each periodic payment on an amortizing loan (typically a mortgage), as generated by an amortization calculator. Amortization refers to the process of paying off a debt (often from a loan or mortgage) over time through regular payments. A portion of each payment is for interest while the remaining amount is applied towards the principal balance. The percentage of interest versus principal in each payment is determined in an amortization schedule.
Read more at WikiPedia.
What is Financial Year Amortization Table ?
The financial year calculation presents the amortiztion table on a fiscal year basis. Normally Annual Amortiztion Table will show the calculations for a 12 months period from the starting EMI.

e.g.
You are in India where the financial year is from April 1st to March 31st.
You have taken loan for 3 years (36 months).
Your first EMI is in the month of June 2015.
Your last EMI is in the month of May 2018.

  • Annual Amortiztion Table :
    The annual amortiztion table will show 3 rows with each having calculations for straight 12 months from June to May.
    1. June 2015 - May 2016
    2. June 2016 - May 2017
    3. June 2017 - May 2018


  • Financial Year Amortization Table :
    This will have 4 calculations:First calculation will for the ongoing fiscal year : June to March, Then next 2 calculations will be for April to March and last one for the month of May and June.
    1. June 2015 - March 2016
    2. April 2016 - March 2017
    3. April 2017 - March 2018
    4. April 2018 - May 2018


There is no difference regarding the amount in both calculations. There is only difference in the way of grouping the EMIs.

In many countries these principal and interest components are used for tax calculations for a given fiscal year.

This tool will help in identifying each years share of principal and interest in the repayments.