Calculate monthly EMI, total interest and full amortization for any loan.
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender every month on a fixed date. It consists of both the principal repayment and the interest accrued.
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1], where P is the principal loan amount, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the number of monthly installments.
Yes. Making a partial prepayment reduces your outstanding principal, which lowers the total interest payable. You can choose to either reduce your EMI amount or shorten the loan tenure.
An amortization schedule shows the month-by-month breakdown of each EMI payment — how much goes toward principal repayment vs. interest, and the remaining outstanding balance.
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