EMI Calculator with Prepayment

Find your monthly EMI, total interest and a month-by-month repayment schedule. Add part-prepayments to see how much interest you save and how much earlier your loan closes.

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Tenure

Repayment schedule

Tap a year to see each month. On a phone, swipe the table sideways to see all columns.

How to use this EMI calculator

  • Enter the loan amount, the annual interest rate and the tenure.
  • Tick Add part-prepayments to add an extra amount every month and/or one-time lump sums after a chosen EMI number.
  • Choose Reduce tenure to keep paying the same EMI and close the loan early, or Reduce EMI to keep the tenure and lower the instalment.

Frequently asked questions

How is EMI calculated?

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. In the early years most of the EMI goes towards interest; later, most of it repays the principal.

Is it better to reduce the EMI or the tenure after a prepayment?

Reducing the tenure (keeping the same EMI) usually saves much more interest. Reducing the EMI lowers your monthly outgo but saves less interest overall. Try both options in the calculator to compare.

Do banks charge for prepaying a loan?

Under the RBI (Pre-payment Charges on Loans) Directions, 2025, banks cannot levy pre-payment charges on floating-rate loans to individuals for non-business purposes sanctioned or renewed on or after 1 January 2026. Fixed-rate loans and some business loans may still carry charges, so check your loan agreement.

Why does my bank's EMI differ slightly from this calculator?

Banks may compute interest on a daily basis, use a different first-instalment date or round each EMI. The difference is usually small. Your sanction letter and repayment schedule are the final reference.

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Built by , a banking professional from Pondicherry, India. Results are estimates for guidance only; your bank's documents are the final reference. Views expressed on this website are personal and do not represent any employer or institution. Content is for general awareness and education only and is not financial or investment advice.