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 Amount :
\$
Interest rate :
%
Loan term :
years
EMI Start Date :
Financial Year :

Total Payments = \$ 1,05,499

Last EMI Date = 23-April-2020

Amortization Table
Year Total Payment Interest Principal Balance
1 \$ 1,05,499 \$ 5,499 \$ ,00,000 \$ 0
 May-2019 8,792 833 7,958 92,042 June-2019 8,792 767 8,025 84,017 July-2019 8,792 700 8,091 75,926 August-2019 8,792 633 8,159 67,767 September-2019 8,792 565 8,227 59,540 October-2019 8,792 496 8,295 51,245 November-2019 8,792 427 8,365 42,880 December-2019 8,792 357 8,434 34,446 January-2020 8,792 287 8,505 25,941 February-2020 8,792 216 8,575 17,366 March-2020 8,792 145 8,647 8,719 April-2020 8,792 73 8,719 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: 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. June 2015 - May 2016 June 2016 - May 2017 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. June 2015 - March 2016 April 2016 - March 2017 April 2017 - March 2018 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.