EMI Calculator with Part-Payment
EMI calculator for home, personal and car loans with part-payment support, instant amortization schedule, and one-click PDF/Excel export.
| Month | EMI | Principal | Interest | Part Payment | Outstanding |
|---|
Tip: add one or more part payments (month number & amount). Choose Reduce Tenure to keep EMI the same (loan closes earlier), or Reduce EMI to keep tenure same and reduce monthly payment. Save the file to keep your data.
What is EMI?
EMI (Equated Monthly Installment) is the fixed amount you pay every month until your loan is fully repaid. Each EMI has two parts—interest on the outstanding balance and a portion of the principal. Early in the loan, the interest share is higher; as the balance reduces, more of each EMI goes toward principal. While your EMI amount usually remains constant, the split between interest and principal changes over time.
EMI Formula
Monthly rate r = Annual rate ÷ 12 ÷ 100; Tenure n = number of months
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
P= Principal (loan amount)r= Monthly interest raten= Number of monthly installments
Worked Example
Suppose you borrow ₹10,00,000 at 10.5% p.a. for 10 years (i.e., n = 120 months).
Then r = 10.5 ÷ 12 ÷ 100 = 0.00875.
EMI = 10,00,000 × 0.00875 × (1 + 0.00875)120 ÷ ((1 + 0.00875)120 − 1) = ₹13,493
Total paid = ₹13,493 × 120 = ₹16,19,220, of which ₹6,19,220 is interest.
| Parameter | Value |
|---|---|
| Loan Amount (P) | ₹10,00,000 |
| Annual Interest Rate | 10.5% |
| Tenure (n) | 120 months (10 years) |
| Monthly Interest Rate (r) | 0.00875 |
| Calculated EMI | ₹13,493 |
| Total Payment | ₹16,19,220 |
| Total Interest | ₹6,19,220 |
How to Use This EMI Calculator
- Enter Loan Amount, Annual Interest, and Tenure.
- Choose a mode:
- Reduce Tenure — EMI stays same; prepayments shorten the loan.
- Reduce EMI — Tenure stays same; prepayments lower the EMI.
- (Optional) Add Part Payments by month and amount. You can add multiple entries.
The schedule table shows the month-wise split of principal and interest, any prepayments, and the updated outstanding balance.
Floating / Variable Rate Planning
If your loan has a floating rate, test both directions to stay prepared:
- Optimistic case: Rate falls by 1–3%. EMI may drop (or you can keep EMI same and finish sooner).
- Pessimistic case: Rate rises by 1–3%. Check if your cash flow can still handle the EMI comfortably.
Try a few “what-if” runs in the calculator to decide a safe EMI and sensible tenure for your situation.
FAQs
Does EMI change every month?
For fixed-rate loans, the EMI amount stays constant, but the interest/principal split shifts over time. For floating-rate loans, the lender may change EMI or tenure when rates move.
Is it better to prepay early or late?
Earlier prepayments save more interest because they reduce the outstanding when interest is the largest share of EMI.
Which is better: reduce EMI or reduce tenure?
Reducing tenure usually cuts total interest more. Reducing EMI improves monthly cash flow—pick what suits your goals.
What fees should I check before prepaying?
Look for prepayment/foreclosure charges, minimum part-payment amounts, and how quickly the lender updates your schedule.
Glossary
- Principal: Original loan amount borrowed.
- Interest: Cost of borrowing, charged on the outstanding balance.
- Tenure: Total time to repay the loan, in months/years.
- Prepayment / Part-payment: Extra payments made to reduce the outstanding sooner.
- Amortization: Gradual repayment of principal over time through EMIs.
Disclaimer: This tool provides estimates for planning only. Actual EMIs/charges depend on lender policies and your loan agreement.