Extra amount is applied to principal each month and can close the loan before the original tenure. Processing fees are not included.
Amortization schedule
First 12 of 60 monthly payments
| Month | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₹10,746.95 | ₹6,371.95 | ₹4,375.00 | ₹4,93,628.05 |
| 2 | ₹10,746.95 | ₹6,427.70 | ₹4,319.25 | ₹4,87,200.35 |
| 3 | ₹10,746.95 | ₹6,483.95 | ₹4,263.00 | ₹4,80,716.40 |
| 4 | ₹10,746.95 | ₹6,540.68 | ₹4,206.27 | ₹4,74,175.72 |
| 5 | ₹10,746.95 | ₹6,597.91 | ₹4,149.04 | ₹4,67,577.80 |
| 6 | ₹10,746.95 | ₹6,655.64 | ₹4,091.31 | ₹4,60,922.16 |
| 7 | ₹10,746.95 | ₹6,713.88 | ₹4,033.07 | ₹4,54,208.28 |
| 8 | ₹10,746.95 | ₹6,772.63 | ₹3,974.32 | ₹4,47,435.65 |
| 9 | ₹10,746.95 | ₹6,831.89 | ₹3,915.06 | ₹4,40,603.76 |
| 10 | ₹10,746.95 | ₹6,891.67 | ₹3,855.28 | ₹4,33,712.09 |
| 11 | ₹10,746.95 | ₹6,951.97 | ₹3,794.98 | ₹4,26,760.13 |
| 12 | ₹10,746.95 | ₹7,012.80 | ₹3,734.15 | ₹4,19,747.33 |
About this tool
What is the EMI Calculator?
The Wansify EMI Calculator works out the equated monthly instalment (EMI) for a loan from the amount, annual interest rate and tenure. It shows total interest, total payment, the principal-to-interest split and an amortization schedule.
How to use it
- 1Set the loan amount in rupees with the slider or input box.
- 2Enter the annual interest rate.
- 3Choose the tenure in years or months.
- 4Read the monthly EMI, total interest, total payment and amortization schedule.
Features
- Monthly EMI, total interest and total payment
- Tenure in years or months, up to 40 years
- Principal vs interest breakdown
- Month-by-month amortization schedule, yearly summary and CSV download
- Optional extra monthly payment that shortens the loan
- Supports 0% interest loans
- Indian rupee formatting
FAQ
Common questions about the EMI Calculator
How is EMI calculated?
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments.
What is the EMI for a ₹5 lakh loan at 10.5% for 5 years?
About ₹10,747 per month. Over 60 months you pay about ₹6.45 lakh in total, of which about ₹1.45 lakh is interest.
Does a longer tenure reduce EMI?
Yes. A longer tenure lowers the monthly EMI but increases the total interest paid over the life of the loan.
What is an amortization schedule?
It is a month-by-month table showing how much of each EMI goes to interest and how much to principal, and the balance left after each payment.
Is this EMI calculator accurate for bank loans?
It uses the standard reducing-balance EMI formula that most banks use. Your lender's figure can differ slightly because of processing fees, insurance or how they round.
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