Use this free online amortization calculator to work out your monthly EMI, total interest payable, and total repayment on a loan, complete with a full month-by-month amortization schedule showing the principal and interest split of every installment.
How to Use the Amortization Calculator
Enter the loan principal in the "Loan Amount (₹)" field.
Enter the yearly rate in "Annual Interest Rate (%)".
Enter the loan length in months in "Loan Tenure (months)".
Click "Calculate" to see the Monthly EMI, Total Interest Payable, and Total Payment.
Scroll the results table to review the month-by-month principal, interest, and balance breakdown.
Frequently Asked Questions
It uses the standard reducing-balance EMI formula: EMI = [P x r x (1 + r)^n] / [(1 + r)^n - 1], where P is the Loan Amount, r is the Annual Interest Rate divided by 12 and by 100 (the monthly rate), and n is the Loan Tenure in months. If the interest rate is 0%, the EMI is simply the loan amount divided by the tenure.
For every month, the interest portion is the outstanding balance multiplied by the monthly interest rate, the principal portion is the fixed EMI minus that month's interest, and the new balance is the previous balance minus the principal portion. The balance is forced to zero on the final month to account for rounding.
Loan Amount and Loan Tenure must be greater than zero, and Annual Interest Rate must be zero or a positive number - it cannot be negative or left blank. If any of these conditions aren't met, the calculator displays "Invalid input!" and clears the schedule.
Yes, it's completely free with no sign-up required, and you can generate a fresh schedule as many times as you like with different loan terms.