Loan EMI Calculator Monthly Payment, Prepayment & Loan Comparison
Calculate your loan EMI (Equated Monthly Instalment), total interest payable and full amortisation schedule for any personal, car or home loan. See exactly how prepayments reduce your tenure and save interest. Compare two loan offers side by side. 8 currencies. Download the full schedule as CSV. All calculations run instantly in your browser.
Calculate Loan EMI, Interest & Amortisation
Enter loan details for instant EMI, total interest and full schedule. Add prepayment to see tenure savings. Use the Loan Comparison tab to evaluate two offers side by side.
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More Than an EMI Calculator — Full Loan Analysis Suite
LazyTools vs Other EMI Calculators
| Feature | LazyTools | BankBazaar | EMICalculator.net | NerdWallet |
|---|---|---|---|---|
| EMI calculation | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes |
| Full amortisation schedule | ✅ Yes | ✅ Yes | ✅ Yes | ⚠ Limited |
| CSV download | ✅ Yes | ❌ No | ❌ No | ❌ No |
| Side-by-side loan comparison | ✅ Yes | ⚠ Separate | ❌ No | ❌ No |
| Prepayment tenure reduction | ✅ Yes (exact months) | ✅ Yes | ⚠ Basic | ❌ No |
| Live calculation (no button) | ✅ Yes | ❌ Button | ❌ Button | ⚠ Partial |
| No ads / no tracking | ✅ Yes | ❌ Heavy ads | ❌ Ads | ❌ Ads |
EMI Reference — Common Loan Sizes & Rates
| Loan (INR) | 5yr @ 10% | 5yr @ 12% | 5yr @ 14% | 10yr @ 10% |
|---|---|---|---|---|
| 1,00,000 | ₹2,125 | ₹2,225 | ₹2,327 | ₹1,322 |
| 5,00,000 | ₹10,624 | ₹11,122 | ₹11,634 | ₹6,608 |
| 10,00,000 | ₹21,247 | ₹22,244 | ₹23,268 | ₹13,215 |
| 25,00,000 | ₹53,119 | ₹55,611 | ₹58,169 | ₹33,038 |
| 50,00,000 | ₹1,06,235 | ₹1,11,222 | ₹1,16,339 | ₹66,075 |
Loan EMI Calculator — Understanding EMI, Amortisation and Prepayment
How the EMI formula works
The EMI formula is EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly rate (annual rate / 12 / 100) and n is the tenure in months. This uses reducing balance interest: each month interest is calculated only on the outstanding balance, not the original principal. As principal reduces each month, less interest accrues, so more of the fixed EMI goes to principal — this is why the amortisation schedule shows an increasing principal proportion over time.
Why prepayments made early save so much more
A prepayment reduces the outstanding balance immediately. Since all future interest is calculated on this reduced balance, the interest saving compounds over the remaining months. A ₹10,000 prepayment in month 6 of a 5-year loan at 14% saves roughly ₹7,000 in interest over the life of the loan — a 70% return on the prepayment from interest savings alone. The same prepayment in month 54 saves only a few hundred rupees, as there are few months left for the interest saving to compound.
How to use loan comparison effectively
When comparing two loan offers, always compare on total interest payable, not monthly EMI. A loan with a lower EMI but longer tenure almost always costs more in total. For example, Loan A: ₹5L at 12% for 5yr = EMI ₹11,122, total interest ₹1,67,320. Loan B: ₹5L at 14% for 5yr = EMI ₹11,634, total interest ₹1,98,040. The ₹512 difference in EMI costs ₹30,720 more over the term. Use the comparison tab above to evaluate your specific offers.
Frequently Asked Questions
EMI = P × r × (1+r)^n / ((1+r)^n − 1). P = principal, r = monthly rate (annual rate / 12 / 100), n = months. Uses reducing balance interest — each month interest applies only to the outstanding balance. The EMI is fixed; the split between principal and interest changes monthly.
Prepayment reduces the outstanding principal. Future interest is calculated on the reduced balance, so less interest accrues each month and the loan ends sooner. Enter a prepayment amount and frequency to see the exact months saved and interest saved for your loan.
Use the Loan Comparison panel. Enter principal, rate and tenure for both loans. Compare total interest payable — not just EMI. A lower EMI with a longer tenure can cost more in total. The winner banner shows which loan saves more interest.
Reducing balance (EMI): interest calculated monthly on outstanding principal. As you repay, interest reduces. Flat rate: interest calculated on original principal for the full term — effectively double-charging. A 12% flat rate equals roughly 21-22% reducing balance rate. This calculator uses reducing balance (the correct method for all EMI loans).
Click the Personal Loan preset or enter amount, rate and tenure. EMI, total interest, total payment and full amortisation schedule appear instantly. Add prepayment to see tenure reduction. Download CSV. Compare two offers in the Loan Comparison panel. Free, no account.
Select INR currency. Click Home Loan preset (₹50L, 8.5%, 20yr) or enter your amount. Typical home loan rates in India are 8-10% p.a. for 15-30 year terms. Add a monthly prepayment to see how many years you can cut from the tenure. Download the full amortisation schedule as CSV.
Most advisors recommend keeping total EMIs below 40-50% of net monthly income. Lenders use FOIR (Fixed Obligation to Income Ratio) of 40-55% as an eligibility cap. Calculate your target EMI here and compare it to your income to check affordability before applying.
Enter your loan details and a prepayment amount. Select monthly, quarterly or annual frequency. The green Prepayment savings box shows exactly how many months your tenure reduces and how much interest you save. The amortisation table updates to show the shorter schedule.