EMI Calculator with Prepayment
Calculate home loan, car loan, or personal loan EMI with a complete repayment schedule. Add part payments to any month and instantly see how much interest you save and how many months you cut from your tenure.
₹50.00 L
| Year | EMI Paid | Principal | Interest | Prepayment | Closing Balance |
|---|---|---|---|---|---|
| 2026 | ₹3,62,352 | ₹44,858 | ₹3,17,494 | — | ₹49,55,142 |
| 2027 | ₹4,83,136 | ₹64,421 | ₹4,18,716 | — | ₹48,90,721 |
| 2028 | ₹4,83,136 | ₹70,115 | ₹4,13,022 | — | ₹48,20,607 |
| 2029 | ₹4,83,136 | ₹76,312 | ₹4,06,824 | — | ₹47,44,294 |
| 2030 | ₹4,83,136 | ₹83,058 | ₹4,00,079 | — | ₹46,61,237 |
| 2031 | ₹4,83,136 | ₹90,399 | ₹3,92,737 | — | ₹45,70,838 |
| 2032 | ₹4,83,136 | ₹98,390 | ₹3,84,747 | — | ₹44,72,448 |
| 2033 | ₹4,83,136 | ₹1,07,086 | ₹3,76,050 | — | ₹43,65,362 |
| 2034 | ₹4,83,136 | ₹1,16,552 | ₹3,66,585 | — | ₹42,48,810 |
| 2035 | ₹4,83,136 | ₹1,26,854 | ₹3,56,282 | — | ₹41,21,956 |
| 2036 | ₹4,83,136 | ₹1,38,067 | ₹3,45,070 | — | ₹39,83,890 |
| 2037 | ₹4,83,136 | ₹1,50,270 | ₹3,32,866 | — | ₹38,33,619 |
| 2038 | ₹4,83,136 | ₹1,63,553 | ₹3,19,583 | — | ₹36,70,066 |
| 2039 | ₹4,83,136 | ₹1,78,010 | ₹3,05,127 | — | ₹34,92,057 |
| 2040 | ₹4,83,136 | ₹1,93,744 | ₹2,89,392 | — | ₹32,98,313 |
| 2041 | ₹4,83,136 | ₹2,10,869 | ₹2,72,267 | — | ₹30,87,444 |
| 2042 | ₹4,83,136 | ₹2,29,508 | ₹2,53,628 | — | ₹28,57,936 |
| 2043 | ₹4,83,136 | ₹2,49,794 | ₹2,33,342 | — | ₹26,08,141 |
| 2044 | ₹4,83,136 | ₹2,71,874 | ₹2,11,262 | — | ₹23,36,267 |
| 2045 | ₹4,83,136 | ₹2,95,905 | ₹1,87,231 | — | ₹20,40,362 |
| 2046 | ₹4,83,136 | ₹3,22,061 | ₹1,61,076 | — | ₹17,18,302 |
| 2047 | ₹4,83,136 | ₹3,50,528 | ₹1,32,608 | — | ₹13,67,774 |
| 2048 | ₹4,83,136 | ₹3,81,511 | ₹1,01,625 | — | ₹9,86,263 |
| 2049 | ₹4,83,136 | ₹4,15,233 | ₹67,903 | — | ₹5,71,029 |
| 2050 | ₹4,83,136 | ₹4,51,936 | ₹31,200 | — | ₹1,19,093 |
| 2051 | ₹1,20,784 | ₹1,19,093 | ₹1,691 | — | ₹0 |
What is EMI and How Is It Calculated?
EMI stands for Equated Monthly Installment — the fixed amount you pay every month to repay a loan. Each EMI has two components: a portion that reduces your loan principal, and a portion that pays the interest charged on the outstanding balance.
EMI is calculated using the formula EMI = [P × r × (1+r)n] / [(1+r)n − 1], where P is the loan principal, r is the monthly interest rate, and n is the tenure in months. This is the standard reducing-balance method used by banks worldwide, including SBI, HDFC, ICICI, and Bank of Baroda in India.
In the early years of a loan, most of your EMI goes toward interest. As the principal reduces month by month, the interest component shrinks and the principal component grows — until the final EMIs are almost entirely principal. This is why prepayments in the early years save the most money.
Why Part Payments Matter
A part payment (also called prepayment or pre-closure) is an extra payment you make on top of your regular EMI. Unlike your monthly EMI, the full prepayment amount goes directly toward reducing your loan principal — no portion is consumed by interest.
For a 25-year, ₹50 lakh home loan at 8.5% interest, even a single ₹1 lakh prepayment in year 2 can save you over ₹3 lakh in total interest and shave 8-10 months off your tenure. Multiple prepayments over the life of the loan can save 30-40% of total interest.
Indian banks typically allow unlimited part payments on floating-rate home loans without penalty. For fixed-rate loans, check your loan agreement — some banks charge 2-4% prepayment penalty.
Reduce Tenure vs Reduce EMI: Which is Better?
When you make a prepayment, banks offer two choices for how to apply it:
Reduce Tenure (default in this calculator) — Your EMI stays the same, but the loan finishes earlier. This option saves significantly more interest because you stop paying interest sooner. Ideal if you want to be debt-free as fast as possible.
Reduce EMI — Your tenure stays the same, but your monthly EMI drops. This frees up cash flow each month but you continue paying interest for the full original tenure. Useful if you need lower monthly outgo (e.g., during a career change, child's education).
For long-term wealth building, reducing tenure is mathematically superior in almost every case. Use the toggle in the calculator above to compare both strategies side by side.
How to Use This Calculator
- Enter loan details — Currency, loan amount, interest rate, tenure in years, and start month.
- View summary — Your EMI, total interest, total amount payable, and tenure are calculated instantly.
- Switch to Monthly view — Click "Monthly" to see every month's breakdown — opening balance, principal, interest, and closing balance.
- Add prepayments — Type any amount in the Prepayment column for any month. Press Tab or Enter — the entire schedule recalculates instantly, showing your new tenure and interest saved.
- Pick your strategy — Use the "On prepayment" toggle to switch between Reduce Tenure (default) and Reduce EMI.
- Export — Download the full schedule as CSV to share with your bank or financial advisor.
Real Example: 25-Year Home Loan with Prepayments
Consider a ₹50,00,000 home loan at 8.5% interest for 25 years (the default values in this calculator).
Without prepayment: Monthly EMI ≈ ₹40,261. Total interest paid over 25 years ≈ ₹70,78,279. Total amount paid ≈ ₹1,20,78,279.
With ₹1,00,000 prepayment in month 24: Same EMI, but loan finishes in 23 years 8 months instead of 25. Total interest drops to ≈ ₹66,23,000 — saving over ₹4,55,000 in interest from a single ₹1 lakh prepayment.
With annual prepayments of ₹1,00,000: Loan finishes in approximately 17 years instead of 25. Total interest savings exceed ₹25,00,000.
The earlier you prepay, the more you save. Use the calculator to model your specific bonus, tax refund, or salary hike strategy.
Features
- Multi-currency — INR, USD, EUR, GBP with proper Lakhs/Crores formatting for INR.
- Inline prepayment — Add part payments directly in the schedule. Recalculation is instant.
- Yearly + Monthly views — Quick yearly summary or detailed month-by-month.
- Two prepayment strategies — Reduce tenure or reduce EMI, switchable on the fly.
- CSV export — Download the full schedule for your records.
- 100% private — All calculations run in your browser. No data sent anywhere.
- Free forever — No signup, no ads in the calculator, no limits.
Frequently Asked Questions
How is EMI calculated?
EMI = [P × r × (1+r)n] / [(1+r)n − 1], where P is the principal, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the tenure in months. This is the standard reducing-balance method used by all major banks.
What is part payment in a home loan?
An extra payment over your regular EMI that goes 100% toward reducing your principal. This either shortens your tenure (default) or reduces your future EMIs.
Should I reduce tenure or reduce EMI when prepaying?
Reducing tenure typically saves more interest. Reducing EMI lowers monthly cash outflow but doesn't save as much overall. For most borrowers, reduce-tenure is the better choice.
Is this calculator accurate?
Yes. Results match major banks (SBI, HDFC, ICICI) to the rupee for the same inputs using the standard reducing-balance method.
Can I calculate car loan or personal loan EMI here?
Yes. The math is identical for any reducing-balance loan — home, car, personal, or education loan.
Does the calculator save my data?
No. Everything runs in your browser. Your loan details and prepayments never leave your device.