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 = $ 2,125

Total Interest = $ 27,482

Total Payments = $ 1,27,482

Periods = 60 months

Last EMI Date = 23-April-2024

Repayment Chart
Payment Distribution Graph
Amortization Table
Year Total Payment Interest Principal Balance
  1 $ 25,496 $ 9,270 $ 16,227 $ 83,773
May-2019 2,125 833 1,291 98,709
June-2019 2,125 823 1,302 97,406
July-2019 2,125 812 1,313 96,094
August-2019 2,125 801 1,324 94,770
September-2019 2,125 790 1,335 93,435
October-2019 2,125 779 1,346 92,089
November-2019 2,125 767 1,357 90,731
December-2019 2,125 756 1,369 89,363
January-2020 2,125 745 1,380 87,983
February-2020 2,125 733 1,392 86,591
March-2020 2,125 722 1,403 85,188
April-2020 2,125 710 1,415 83,773
  2 $ 25,496 $ 7,570 $ 17,926 $ 65,847
May-2020 2,125 698 1,427 82,347
June-2020 2,125 686 1,438 80,908
July-2020 2,125 674 1,450 79,458
August-2020 2,125 662 1,463 77,995
September-2020 2,125 650 1,475 76,520
October-2020 2,125 638 1,487 75,033
November-2020 2,125 625 1,499 73,534
December-2020 2,125 613 1,512 72,022
January-2021 2,125 600 1,525 70,497
February-2021 2,125 587 1,537 68,960
March-2021 2,125 575 1,550 67,410
April-2021 2,125 562 1,563 65,847
  3 $ 25,496 $ 5,693 $ 19,803 $ 46,044
May-2021 2,125 549 1,576 64,271
June-2021 2,125 536 1,589 62,682
July-2021 2,125 522 1,602 61,080
August-2021 2,125 509 1,616 59,464
September-2021 2,125 496 1,629 57,835
October-2021 2,125 482 1,643 56,192
November-2021 2,125 468 1,656 54,536
December-2021 2,125 454 1,670 52,865
January-2022 2,125 441 1,684 51,181
February-2022 2,125 427 1,698 49,483
March-2022 2,125 412 1,712 47,771
April-2022 2,125 398 1,727 46,044
  4 $ 25,496 $ 3,620 $ 21,877 $ 24,167
May-2022 2,125 384 1,741 44,303
June-2022 2,125 369 1,756 42,548
July-2022 2,125 355 1,770 40,778
August-2022 2,125 340 1,785 38,993
September-2022 2,125 325 1,800 37,193
October-2022 2,125 310 1,815 35,378
November-2022 2,125 295 1,830 33,548
December-2022 2,125 280 1,845 31,703
January-2023 2,125 264 1,861 29,843
February-2023 2,125 249 1,876 27,967
March-2023 2,125 233 1,892 26,075
April-2023 2,125 217 1,907 24,167
  5 $ 25,496 $ 1,329 $ 24,167 $ 0
May-2023 2,125 201 1,923 22,244
June-2023 2,125 185 1,939 20,305
July-2023 2,125 169 1,955 18,349
August-2023 2,125 153 1,972 16,378
September-2023 2,125 136 1,988 14,389
October-2023 2,125 120 2,005 12,385
November-2023 2,125 103 2,022 10,363
December-2023 2,125 86 2,038 8,325
January-2024 2,125 69 2,055 6,269
February-2024 2,125 52 2,072 4,197
March-2024 2,125 35 2,090 2,107
April-2024 2,125 18 2,107 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.