Calculate equated monthly installments for loans with principal, interest rate, and tenure inputs showing payment breakdown and amortization.
A fixed installment hides a changing split between interest and principal. The EMI Calculator uses the loan principal, annual interest rate, and repayment tenure to find the equal monthly payment, total interest, total repayment, and period-by-period amortization. Interest is charged against the outstanding balance, so early installments contain more interest than later ones. A common mistake is comparing EMI amounts alone: extending the tenure can reduce the monthly payment while increasing the total interest paid.
A concrete input and expected output from the current implementation.
Input
Principal: 1,000 Annual interest rate: 12% Tenure: 1 month
Expected output
Monthly EMI: 1,010.00 Total repayment: 1,010.00 Total interest: 10.00 Month 1: opening balance 1,000.00, interest 10.00, principal repaid 1,000.00, closing balance 0.00
The monthly rate is 12% divided by 12, or 1%. One month of interest is therefore 10.00, and the single installment repays both that interest and the entire 1,000.00 principal.
For a positive monthly rate r, principal P, and n monthly payments, the standard EMI is P x r x (1 + r)^n / ((1 + r)^n - 1). The annual percentage rate is converted to a monthly rate before applying the formula. The resulting payment remains constant when the rate and schedule remain unchanged.
Each monthly row calculates interest from the opening balance and monthly rate. The principal portion equals the EMI minus that interest, and subtracting the principal portion produces the closing balance. As the balance falls, the interest portion normally decreases and the principal portion increases, even though the scheduled EMI stays the same.
No. For the same principal and interest rate, a longer tenure generally lowers the required monthly installment but leaves the balance outstanding longer. That usually raises total interest. Compare total repayment and total interest alongside the EMI instead of choosing an offer solely by its smaller monthly payment.
Not reliably. The EMI and amortization describe scheduled payments on a reducing outstanding balance with an unchanged periodic rate. A flat-rate loan calculates interest from the original principal, while a variable-rate loan can change future payments or tenure. Those contracts require calculations matching their stated interest and adjustment rules.
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