Loan Amortization Calculator
Planning to take a loan? Use our Loan Amortization Calculator to calculate your EMI, total interest payable, and view a detailed repayment schedule. This calculator gives you a clear picture of how each EMI is split between interest and principal.
What is Loan Amortization?
Amortization is the process of repaying a loan through regular monthly installments over a fixed tenure. Each installment (EMI) includes a portion of the interest and principal. Initially, the interest portion is higher, but over time, the principal component increases.
How the Loan Amortization Calculator Works
The calculator uses the following EMI formula:
EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1]
- P: Loan Amount
- R: Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- N: Number of Monthly Installments
Key Features
- Instant EMI calculation
- Breakdown of each EMI into principal and interest
- Year-wise and month-wise amortization table
- Helps in better loan planning and budgeting
How to Use
- Go to Loan Amortization Calculator.
- Enter your loan amount, annual interest rate, and tenure.
- Click on “Calculate”.
- View EMI result and detailed amortization schedule below.
Example
If you take a loan of ₹5,00,000 at 10% annual interest for 5 years, your EMI will be ₹10,624. You will pay ₹1,37,463 in interest over the loan period, and the total repayment amount will be ₹6,37,463.
Benefits of Using the Calculator
- Understand your EMI and repayment better
- Compare different loan scenarios
- Plan for part-payments or early closure
Frequently Asked Questions
Q: Can I download the amortization schedule?
Yes, the tool provides an option to export or print the schedule for your records.
Q: Does the calculator support prepayment?
Currently, it shows fixed repayment schedules. Prepayment functionality may be added in future versions.
Q: Is this calculator free to use?
Yes, it’s 100% free and accessible anytime.