EMI Calculator
Find your monthly EMI, total payment, total interest, and a complete amortization schedule. Optionally model an annual prepayment that reduces tenure.
Loan Details
Applied at the end of each year; tenure reduces.
How It Works
Formula
EMI = [P × r × (1+r)^n] / [(1+r)^n − 1], where r = APR ÷ 12 ÷ 100, n = years × 12
Notes
- Banks may use daily reducing balance and rounding; values can differ slightly.
- Prepayments here are applied annually at year‑end to reduce tenure.
References
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Reserve Bank of India (RBI)
Guidance on lending practices and repayment
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Investopedia – Equated Monthly Installment (EMI)
Formula and amortization background