EMI calculator, with the full amortisation schedule
The EMI never changes, but what it buys changes every month — early on, most of it is interest. See the year-by-year split that decides when to prepay.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | ₹56,181 | ₹2,67,720 | ₹29,43,819 |
| Year 2 | ₹61,452 | ₹2,62,450 | ₹28,82,367 |
| Year 3 | ₹67,216 | ₹2,56,685 | ₹28,15,151 |
| Year 4 | ₹73,521 | ₹2,50,380 | ₹27,41,630 |
| Year 5 | ₹80,418 | ₹2,43,483 | ₹26,61,211 |
| Year 6 | ₹87,962 | ₹2,35,939 | ₹25,73,249 |
| Year 7 | ₹96,213 | ₹2,27,688 | ₹24,77,036 |
| Year 8 | ₹1,05,239 | ₹2,18,662 | ₹23,71,797 |
| Year 9 | ₹1,15,111 | ₹2,08,790 | ₹22,56,686 |
| Year 10 | ₹1,25,909 | ₹1,97,992 | ₹21,30,777 |
| Year 11 | ₹1,37,720 | ₹1,86,181 | ₹19,93,056 |
| Year 12 | ₹1,50,640 | ₹1,73,262 | ₹18,42,417 |
| Year 13 | ₹1,64,771 | ₹1,59,131 | ₹16,77,646 |
| Year 14 | ₹1,80,227 | ₹1,43,674 | ₹14,97,419 |
| Year 15 | ₹1,97,134 | ₹1,26,768 | ₹13,00,285 |
| Year 16 | ₹2,15,626 | ₹1,08,275 | ₹10,84,659 |
| Year 17 | ₹2,35,854 | ₹88,048 | ₹8,48,805 |
| Year 18 | ₹2,57,978 | ₹65,923 | ₹5,90,827 |
| Year 19 | ₹2,82,178 | ₹41,723 | ₹3,08,649 |
| Year 20 | ₹3,08,649 | ₹15,253 | ₹0 |
How the EMI is calculated
Every bank uses the same reducing-balance formula: EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount borrowed, r the monthly rate (annual rate ÷ 1200) and n the number of months. On ₹30,00,000 at 9% for 20 years that works out to ₹26,992 a month — and ₹34.8 lakh of interest over the life of the loan, more than the amount borrowed.
The EMI never changes, but what it buys changes every month. Interest is charged on the outstanding balance, so early on — when the balance is at its largest — most of the EMI goes to interest. By the final year the split has flipped.
Why the schedule matters more than the EMI
Two decisions depend on the schedule, not the headline number:
- When to prepay. A prepayment kills principal directly, and the earlier it lands the more front-loaded interest it wipes out. The same ₹1 lakh prepaid in year 2 saves several times what it saves in year 15. Our prepay-vs-invest calculator puts a precise number on it.
- Tenure vs EMI when rates change. When your floating rate rises, banks quietly extend tenure rather than raise the EMI. The schedule shows what that costs: extra years of mostly-interest payments at the end of the loan.
What this calculator deliberately doesn't do
It doesn't guess processing fees, insurance add-ons, or moratorium interest — those vary by lender and belong in your sanction letter, not a generic tool. And it won't tell you whether the loan is a good idea. It shows the arithmetic; the judgement stays yours.