Work out your monthly loan instalment, total interest and full repayment schedule.
Work out your monthly loan instalment, total interest and full repayment schedule. Everything is worked out in your browser, so your figures never leave your device.
EMI uses the standard reducing-balance formula: EMI = P x i x (1+i)^n / ((1+i)^n - 1), where P is the loan amount, i is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of months.
Yes, the instalment stays constant on a fixed-rate loan. What changes is the split: early instalments are mostly interest, and later ones are mostly principal. The schedule below the result shows this.
No. It calculates the loan repayment only. Lenders may add processing fees, insurance or other charges, so your actual outgo can be slightly higher.
The formula is the industry standard, so the figure should match closely. Small differences can appear if your lender rounds differently or charges interest on a different day count.