To lower your monthly EMI you can opt for a longer tenure or refinance at a lower rate. To reduce total interest and pay off faster, use prepayment (extra monthly or lump sum).

How much extra payment should I do to reduce my loan?

Any extra amount helps. Even 5–10% of your EMI as a regular extra payment can cut total interest and shorten tenure. Use the prepayment simulator to try different amounts.

How to reduce loan tenure?

Pay more than the EMI: add a fixed extra amount every month and/or make lump-sum prepayments. Extra payments go towards principal and shorten the loan.

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EMI Calculator

Q: How is EMI calculated?

Banks use the formula EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly interest rate (annual rate ÷ 12), and n is number of months.

Q: Should I prepay my home loan?

Prepayment is usually beneficial as it reduces total interest and tenure. Check for prepayment penalties with your lender and compare with other uses of the money.

Q: When will my loan be paid off?

Use the calculator’s payoff date section: it shows your estimated debt-free date with and without prepayment. The remaining loan calculator shows how much you still owe if you’re already repaying.

Q: How does amortization work?

Amortization is repaying the loan through regular EMIs. Each EMI is split into interest and principal; over time the interest portion decreases and the principal portion increases.

Calculate monthly EMI, total interest and payoff date for home loan, car loan or personal loan. Try prepayment to see how much you can reduce tenure and interest.

How to use

Enter loan amount, interest rate and tenure below. Use the sliders or type values. Add optional extra payment (monthly or yearly) in the prepayment section to see new tenure and interest saved. You get payoff date, comparison table, amortization schedule and remaining loan calculator. Estimation only — verify with your lender.

Home Loan EMI Calculator

Enter loan amount, rate and tenure. See EMI and total interest below.

Currency

Loan amount (₹)

₹1 L – ₹1 Cr. Use the slider or type the amount.

Interest rate (% per year)

Check your loan agreement or bank for the rate.

Tenure (years)

1–30 years. Home loans are often 15–20 years.

Estimation only. Verify with your lender. Works for home loan, car loan, personal loan and education loan.

Monthly EMI

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You pay this every month

Total Interest

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Over full term

Debt Free Date

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Payoff without prepayment

Interest Saved

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With prepayment

Interest impact

See how much interest you pay over the loan term.

Loan

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Total interest

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Interest % of loan

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Loan: — · Interest: — · —

Disclaimer & how we calculate

Disclaimer: This tool is for estimation only. We are not a lender. Verify with your lender. We do not store your inputs.

Formula: Reducing-balance: EMI = P × r × (1+r)^n / ((1+r)^n − 1). Prepayment applied to principal first. Results are estimates only.

Prepayment & more

See how extra payments reduce your loan tenure and total interest.

Loan Prepayment Calculator

Add extra monthly or yearly amount to see new tenure and interest saved. Leave 0 if you only want EMI.

Extra per month (₹)

Goes toward principal; reduces tenure.

Lump sum per year (₹)

e.g. bonus or one-time payment.

Debt-free in

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Payoff (no prepayment): —

Tips & suggestions

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Normal vs prepayment

Compare tenure and interest with and without extra payment.

Metric	Normal loan	With prepayment
Loan tenure	—	—
Interest paid	—	—
Total payment	—	—

EMI breakdown

EMI stays constant; interest share falls and principal share rises over time.

Loan Amortization Schedule

Month-wise or year-wise breakdown. Download CSV for full table.

Remaining Loan Calculator

Already repaying? Enter original loan, EMI, months paid and rate to see remaining balance and years left.

Original loan (₹)

Your EMI (₹)

Months already paid

Interest rate (% per year)

Remaining balance

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Remaining interest

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Remaining tenure

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Share your results

Copy link to reopen with your current inputs.

EMI calculator – common questions

What is EMI?

EMI (Equated Monthly Installment) is the fixed amount you pay each month towards your loan until it is fully repaid. It includes both principal and interest. In the initial years a larger portion goes towards interest; over time the principal share increases.

How is EMI calculated?

Banks use the reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly rate (annual ÷ 12), n is months. This calculator uses the same formula.

How to reduce EMI or total interest?

To lower monthly EMI: longer tenure or refinance at lower rate. To reduce total interest & pay faster: use prepayment (extra monthly or lump sum) in the calculator above.

How much extra payment should I do?

Any extra helps—even 5–10% of EMI regularly can cut interest and tenure. Use the prepayment section above to try amounts and see savings. Depends on your cash flow and goals.

Should I prepay my home loan?

Prepayment usually reduces total interest and shortens tenure. Check prepayment penalty with your lender and compare with other uses of the money. Most home loans in India allow partial prepayment without penalty.

When will my loan be paid off?

Use the payoff date section above for date with/without prepayment. Already repaying? Use the Remaining loan balance section to see how much you still owe.

How does amortization work?

Each EMI is split into interest (on remaining balance) and principal. As balance falls, interest share falls and principal share rises. The amortization schedule shows this month-by-month or year-by-year.

This EMI calculator works for home loans, car loans, personal loans and education loans. Use it to plan EMI, payoff date and prepayment.