Enter your loan amount, interest rate, and tenure. PaisaCalc works out your exact monthly installment, total interest, and a full year-by-year repayment schedule.
Lenders typically cap your EMI at 40–50% of your monthly income — this is called FOIR (Fixed Obligation to Income Ratio). Work out a comfortable loan amount here first, then drop it straight into the calculator below.
| Year | Opening balance | Principal paid | Interest paid | Closing balance |
|---|
| Tenure | EMI /mo | Total interest | Total payment |
|---|
| Rate | EMI /mo | Change vs current | Total interest |
|---|
Illustrative scenarios, not a prediction — actual floating-rate changes depend on your lender and the RBI repo rate.
| Down payment | Loan amount | EMI /mo | Total interest |
|---|
If another lender is offering a lower rate on your existing loan, here's whether switching is actually worth it once transfer costs are factored in.
Assumes you keep the same remaining tenure at the new lender — stretching the tenure further would lower the EMI but add back some interest.
Your EMI is a fixed monthly payment, but the mix of principal and interest inside it changes every month.
EMI is calculated using your loan amount, the monthly interest rate, and the number of months in your tenure:
EMI = P × r × (1+r)n / ((1+r)n − 1)
Where P is your loan amount, r is your monthly interest rate (annual rate ÷ 12 ÷ 100), and n is your total number of monthly installments.
Each month, interest is charged on whatever balance you still owe - this is called a reducing balance method. Early in the loan, your balance is at its highest, so a large share of your EMI goes toward interest and only a small share reduces the principal. As months pass and the balance shrinks, more of each EMI goes toward principal instead, even though the EMI amount itself stays the same.
When you make a one-time extra payment, your lender usually lets you choose: keep the EMI the same and finish the loan early (reduce tenure), or keep the tenure the same and lower the monthly EMI instead (reduce EMI). For the exact same prepayment amount, reducing tenure almost always saves more total interest, because you keep paying down principal at the original, more aggressive pace instead of easing off. Reducing EMI is worth it if your priority is lower monthly outgo rather than maximum interest savings.
EMI stands for Equated Monthly Installment - a fixed amount you pay every month toward a loan, made up of a principal portion and an interest portion, until the loan is fully repaid.
Interest is calculated on your remaining loan balance each month. Early on, the balance is high, so more of your EMI goes toward interest. As you repay principal, the balance shrinks, so a bigger share of each later EMI goes toward principal instead.
No - a longer tenure lowers your monthly EMI, but you pay interest for more months, so the total interest paid over the life of the loan is usually higher. A shorter tenure means a higher EMI but less total interest.
Yes. Any extra payment toward principal, on top of your regular EMI, reduces the balance that future interest is calculated on, which lowers total interest paid and can shorten your tenure. Use the "Model an extra payment" option above to see the exact numbers for your loan.
Reducing your tenure while keeping the EMI the same usually saves more total interest, since you keep paying down principal aggressively rather than easing up. Reducing your EMI instead keeps your monthly outgo lower from that point on, which helps more if cash flow is tighter, but it saves less interest overall for the same prepayment amount.
Eight free tools, all built the same way — exact date-based math, year-by-year breakdowns, and no signup.
Simple or compound interest by exact date range, with a year-by-year breakdown and chart.
Open →Fixed Deposit maturity value with quarterly compounding by default, matching how Indian banks actually calculate it.
Open →Recurring Deposit maturity value from monthly installments, with the same quarterly compounding banks use.
Open →Public Provident Fund maturity value over the 15-year lock-in, at the current government-set rate.
Open →Monthly mutual fund investments, plus unlimited one-time lumpsum top-ups on any date during your tenure.
Open →Increase your SIP every 6 or 12 months in line with salary hikes — and see exactly how much more you end up with.
Open →Withdraw a fixed amount every month from a lump sum, and see exactly how long it lasts — or when it runs out.
Open →