Work out your monthly EMI, total interest, and total payment for a home, car, or personal loan — with a year-by-year breakdown of principal vs interest.
Loan details
Works for any reducing-balance loan — home, car, personal, or education.
EMI Breakdown
20 years @ 8.5%
Principal amount
₹10,00,000
Total interest payable
₹10,82,776
Total payment (principal + interest)
₹20,82,776
MONTHLY EMI₹8,678
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly interest rate and n is the number of monthly installments.
EMI uses the reducing-balance formula: EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly installments. Each EMI is split between interest (on the outstanding balance) and principal, with the interest portion shrinking every month as the balance reduces.
Why is more interest paid in the early years?
Interest is charged on the outstanding balance, which is highest at the start of the loan. So early EMIs are mostly interest, and later EMIs are mostly principal — even though the EMI amount itself stays constant throughout the tenure.
Does prepaying a loan save interest?
Yes — any prepayment reduces the outstanding principal immediately, which reduces the interest charged on all future EMIs. Prepaying early in the tenure saves more interest than prepaying later, since more of the loan term (and compounding) remains ahead of it.
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