How do part-prepayments affect total interest?

A prepayment reduces the outstanding principal. Because interest is charged on the reducing balance, later interest amounts fall, which either shortens the tenure or lowers the EMI, depending on what you choose with your lender. Prepayment charges depend on the loan type, lender and applicable regulations.

What is the difference between a floating and a fixed interest rate?

A floating rate is linked to a benchmark and can go up or down during the loan, which changes your EMI or tenure. A fixed rate stays the same for the period agreed with the lender. Fixed-rate terms and pricing vary by lender, so compare the full terms before choosing.

Does my credit score affect the interest rate?

Lenders usually consider your credit score along with income, loan amount and other factors when deciding the interest rate they offer. The exact effect differs by lender and changes over time.

Can I claim income tax deductions on a home loan EMI?

Home loan borrowers may be able to claim deductions for principal repayment under Section 80C and for interest under Section 24(b), subject to limits and conditions. Eligibility depends on the applicable Income Tax rules, tax regime, property type, loan purpose and individual circumstances. Consult a qualified tax professional.

Standard monthly reducing balance

EMI Calculator

Calculate your monthly EMI, total interest and total repayment, and see how the loan is repaid month by month.

Loan Amount

Quick:

Min: ₹10,000 Max: ₹10 Cr

Interest Rate (% p.a.)

Examples:

Illustrative rates — actual lender rates may vary. Verify current rates with the lender.

1%30%

Loan Tenure

1 year15 years30 years

Calculation method

Monthly Reducing Balance

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Monthly EMI

₹43,391 / month

From EMI 108 onwards, more of each EMI goes to principal than to interest.

Interest 52% of total paid

Principal: ₹50,00,000 48.0%
Total Interest: ₹54,13,879 52.0%

Total Amount Payable

Principal + interest

₹1,04,13,879

Amortization

Calculations use standard EMI amortization mathematics. Actual lender schedules may vary because of lender-specific rounding, dates, fees, rate changes and other terms.

Payment schedule

Amortization Schedule

Select a year to see its months. Amounts are rounded to the nearest rupee; year totals add up to the loan totals, and individual months may differ by ₹1.

Scroll the table sideways to see all columns.

Tenure comparison

How Your EMI Changes Across Tenures

Same loan amount and interest rate, different tenures (no prepayment).

Longer tenures lower the EMI but raise total interest.

Tenure	Monthly EMI	Total Interest	Total Amount	Interest ÷ Principal

Under the hood

How EMI Is Calculated

For reducing-balance loans, the EMI is usually calculated with the standard annuity formula:

EMI formula

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

P Principal: The loan amount.
r Monthly rate: Annual rate ÷ 12 ÷ 100.
n Months: Number of monthly EMIs.

Each month, interest is charged on the outstanding balance; the rest of the EMI reduces the principal. Displayed amounts are rounded to the nearest rupee. Lenders may round the EMI differently, charge broken-period interest for the first month, or adjust the final EMI.

Frequently asked questions

Loan Basics

CalcWise provides calculations and general educational information, not personalised financial advice. Verify loan terms with your lender.

EMI Calculator

Amortization Schedule

How Your EMI Changes Across Tenures

How EMI Is Calculated

Loan Basics

How do part-prepayments affect total interest?expand_more

What is the difference between a floating and a fixed interest rate?expand_more

Does my credit score affect the interest rate?expand_more

Can I claim income tax deductions on a home loan EMI?expand_more