EMI / Loan Calculator
Calculate your monthly EMI, total interest and full amortization schedule — reducing or flat rate.
Calculate your monthly EMI, total interest and full amortization schedule — reducing or flat rate.
EMI
$23,536.74
Total interest
$64,881.67
Total payment
$564,881.67
Interest share
11.49%
What-if analysis
EMI (Equated Monthly Instalment) is the fixed payment you make each period to repay a loan over its term. Reducing-balance charges interest only on the outstanding balance; flat-rate charges interest on the full principal throughout.
🔢 Your calculation, step by step:
P = 500,000, annual rate = 12%, term = 24 installmentsr = (12% / 12) / 100 = 0.010000EMI = P × r × (1+r)^n / [(1+r)^n − 1]EMI = 23,536.74Variable Definitions:
✅ Best used for:
⚠️ Limitations:
An EMI keeps your repayment constant each period. Early instalments are mostly interest; later ones are mostly principal, as the outstanding balance falls.
Reducing-balance loans recompute interest on the shrinking balance, so the effective cost is lower than a flat-rate loan quoting the same nominal rate. Always compare the effective rate, not just the headline number.
The schedule lists each instalment split into interest and principal with the running balance — useful for tax records and prepayment planning.