EMI Calculator
Calculate your Equated Monthly Installment (EMI) for home loans, car loans, or personal loans. View a detailed yearly amortization schedule.
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Understanding EMI
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off.
How Amortization Works
Even though your EMI payment is identical every single month, the breakdown of that payment changes drastically over the life of the loan.
- Early Years: The majority of your monthly payment goes toward paying off the Interest. Very little goes toward reducing your actual principal balance.
- Later Years: As the principal balance finally shrinks, the interest charged on that balance shrinks. Therefore, the majority of your monthly payment starts going toward the principal.
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