EMI Calculator with Prepayment & Loan Comparison
See your monthly EMI, the full amortization schedule, and exactly how much interest and time a prepayment saves you, or compare two loans side by side.
Your EMI (Equated Monthly Instalment) is the fixed amount you pay each month on a loan. This free calculator does more than the basics: it shows a full year-by-year amortization schedule, calculates how much a prepayment saves in interest and tenure, and lets you compare two loans to find the cheaper one.
Pay a little more each month to close the loan faster.
| Year | Principal Paid | Interest Paid | Balance Left |
|---|
| Metric | Loan A | Loan B |
|---|---|---|
| Monthly EMI | ₹0 | ₹0 |
| Total Interest | ₹0 | ₹0 |
| Total Payment | ₹0 | ₹0 |
What makes this EMI calculator different?
Prepayment impact
See in rupees how much interest you save and how many months you cut off by paying extra each month or a one-time lump sum.
Full amortization
A year-by-year table of how much of each payment goes to principal versus interest, and your falling balance.
Compare two loans
Put two offers side by side and instantly see which one costs less in total interest over its life.
Charts included
A principal-vs-interest donut and a declining-balance chart make the numbers easy to understand at a glance.
How EMI is calculated
EMI is calculated with the standard reducing-balance formula: EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of monthly instalments. Early in the loan most of your EMI is interest; over time more of it goes to principal, which is why prepaying early saves the most.
How to use this calculator
- Enter your loan amount, interest rate and tenure (or use the sliders).
- Open Add a prepayment to see how extra payments cut your interest and tenure.
- Switch to Compare 2 Loans to check two offers side by side.
- Click Calculate to see your EMI, charts and full schedule.
Frequently asked questions
How does prepayment reduce my loan interest?
Interest is charged on your outstanding balance. When you prepay, the balance drops immediately, so all future interest is calculated on a smaller amount. In most Indian home loans, prepayment keeps the EMI the same but shortens the tenure, which is why it can save several lakhs of rupees in interest over the life of the loan.
Should I reduce my EMI or my tenure when I prepay?
Reducing the tenure (keeping the EMI the same) saves more interest overall, because the loan closes sooner. Reducing the EMI lowers your monthly outgo but you pay for longer. This calculator models the tenure-reduction approach, which is what most people choose to maximise savings.
Is a lower interest rate always the cheaper loan?
Usually, but not always. A lower rate over a longer tenure, or with higher processing fees, can cost more overall. Use the Compare 2 Loans mode to check total interest, not just the rate, and remember to factor in processing fees and insurance separately.
Does this include processing fees or GST?
No. This calculator shows the pure principal and interest EMI. Banks may add one-time processing fees, insurance and GST on charges, which vary by lender. Ask your bank for the full amortization schedule and the annual percentage rate before signing.
Is my data sent anywhere?
No. The calculator runs entirely in your browser. Nothing you type is uploaded or stored on any server.
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