Calculate loan EMI payments with a full amortization schedule. See how prepayments save interest and find your debt-free date — free, no signup.
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Enter your loan amount, annual interest rate, and loan tenure (months or years). The calculator applies the EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P = principal, r = monthly rate, n = months.
An amortization schedule shows every monthly payment of your loan — how much goes to interest vs. how much reduces your principal. Early payments are mostly interest; later payments are mostly principal.
Prepayments directly reduce your outstanding principal, dramatically cutting total interest. On a $300,000 mortgage at 7% for 30 years, a $10,000 prepayment in year 1 can save over $30,000 in interest and cut 2-3 years off the loan.
A fixed rate stays the same for the entire loan term, making EMIs predictable. A floating rate changes with market conditions (like RBI/Fed rates), so your EMI can go up or down. Fixed rates are safer; floating rates can be lower initially.
Three options: 1) Increase the loan tenure (longer repayment period, smaller EMI but more total interest), 2) Make a larger down payment to reduce the principal, 3) Negotiate a lower interest rate by improving your credit score before applying.
The Rule of 72 estimates how long it takes for debt to double at compound interest. Divide 72 by the annual interest rate: at 8% interest, debt doubles in 9 years (72 ÷ 8 = 9). This shows why paying off high-interest debt quickly is so important.