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 = $ 2,417

Total Interest = $ 45,017

Total Payments = $ 1,45,017

Periods = 60 months

Last EMI Date = 23-April-2024

Repayment Chart
Payment Distribution Graph
Amortization Table
Year Total Payment Interest Principal Balance
  1 $ 29,003 $ 14,720 $ 14,284 $ 85,716
May-2019 2,417 1,310 1,107 98,893
June-2019 2,417 1,295 1,121 97,772
July-2019 2,417 1,281 1,136 96,635
August-2019 2,417 1,266 1,151 95,484
September-2019 2,417 1,251 1,166 94,318
October-2019 2,417 1,236 1,181 93,137
November-2019 2,417 1,220 1,197 91,940
December-2019 2,417 1,204 1,213 90,728
January-2020 2,417 1,189 1,228 89,499
February-2020 2,417 1,172 1,245 88,255
March-2020 2,417 1,156 1,261 86,994
April-2020 2,417 1,140 1,277 85,716
  2 $ 29,003 $ 12,305 $ 16,698 $ 69,018
May-2020 2,417 1,123 1,294 84,422
June-2020 2,417 1,106 1,311 83,111
July-2020 2,417 1,089 1,328 81,783
August-2020 2,417 1,071 1,346 80,438
September-2020 2,417 1,054 1,363 79,074
October-2020 2,417 1,036 1,381 77,693
November-2020 2,417 1,018 1,399 76,294
December-2020 2,417 999 1,418 74,877
January-2021 2,417 981 1,436 73,441
February-2021 2,417 962 1,455 71,986
March-2021 2,417 943 1,474 70,512
April-2021 2,417 924 1,493 69,018
  3 $ 29,003 $ 9,483 $ 19,521 $ 49,498
May-2021 2,417 904 1,513 67,506
June-2021 2,417 884 1,533 65,973
July-2021 2,417 864 1,553 64,420
August-2021 2,417 844 1,573 62,847
September-2021 2,417 823 1,594 61,254
October-2021 2,417 802 1,615 59,639
November-2021 2,417 781 1,636 58,003
December-2021 2,417 760 1,657 56,346
January-2022 2,417 738 1,679 54,667
February-2022 2,417 716 1,701 52,967
March-2022 2,417 694 1,723 51,244
April-2022 2,417 671 1,746 49,498
  4 $ 29,003 $ 6,183 $ 22,820 $ 26,678
May-2022 2,417 648 1,769 47,729
June-2022 2,417 625 1,792 45,938
July-2022 2,417 602 1,815 44,122
August-2022 2,417 578 1,839 42,284
September-2022 2,417 554 1,863 40,420
October-2022 2,417 530 1,887 38,533
November-2022 2,417 505 1,912 36,621
December-2022 2,417 480 1,937 34,684
January-2023 2,417 454 1,963 32,721
February-2023 2,417 429 1,988 30,733
March-2023 2,417 403 2,014 28,718
April-2023 2,417 376 2,041 26,678
  5 $ 29,003 $ 2,326 $ 26,678 $ -0
May-2023 2,417 349 2,067 24,610
June-2023 2,417 322 2,095 22,516
July-2023 2,417 295 2,122 20,394
August-2023 2,417 267 2,150 18,244
September-2023 2,417 239 2,178 16,066
October-2023 2,417 210 2,206 13,859
November-2023 2,417 182 2,235 11,624
December-2023 2,417 152 2,265 9,359
January-2024 2,417 123 2,294 7,065
February-2024 2,417 93 2,324 4,741
March-2024 2,417 62 2,355 2,386
April-2024 2,417 31 2,386 -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.