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.