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 = $ 5,000

Total Interest = $ 19,992

Total Payments = $ 1,19,992

Periods = 24 months

Last EMI Date = 23-April-2021

Repayment Chart
Payment Distribution Graph
Amortization Table
Year Total Payment Interest Principal Balance
  1 $ 59,996 $ 14,487 $ 45,509 $ 54,491
May-2019 5,000 1,512 3,487 96,513
June-2019 5,000 1,460 3,540 92,973
July-2019 5,000 1,406 3,593 89,379
August-2019 5,000 1,352 3,648 85,732
September-2019 5,000 1,297 3,703 82,029
October-2019 5,000 1,241 3,759 78,270
November-2019 5,000 1,184 3,816 74,454
December-2019 5,000 1,126 3,874 70,580
January-2020 5,000 1,068 3,932 66,648
February-2020 5,000 1,008 3,992 62,657
March-2020 5,000 948 4,052 58,605
April-2020 5,000 886 4,113 54,491
  2 $ 59,996 $ 5,505 $ 54,491 $ -0
May-2020 5,000 824 4,175 50,316
June-2020 5,000 761 4,239 46,077
July-2020 5,000 697 4,303 41,775
August-2020 5,000 632 4,368 37,407
September-2020 5,000 566 4,434 32,973
October-2020 5,000 499 4,501 28,472
November-2020 5,000 431 4,569 23,903
December-2020 5,000 362 4,638 19,265
January-2021 5,000 291 4,708 14,556
February-2021 5,000 220 4,779 9,777
March-2021 5,000 148 4,852 4,925
April-2021 5,000 74 4,925 -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.