ToolPetal
EMI calculator
- Runs on your device
- Nothing uploaded
- Free, no sign-up
| Breakup | Value |
|---|
What this result means
Defaults snapshot: principal vs total interest
Not loan or financial advice. Ignores fees, prepayment, floating-rate resets.
Amortization story: first vs last payment
On a reducing-balance loan, the EMI rupee amount stays flat, but the interest / principal split flips over time. Early months are mostly interest on a large outstanding balance; late months are mostly principal.
Defaults: principal Rs 5,00,000, annual rate 8.5%, tenure 5 years (60 months). Monthly rate r = 0.085/12. EMI ≈ Rs 10,258.27. Total payment ≈ Rs 6,15,495.94; total interest ≈ Rs 1,15,495.94.
- Month 1: interest ≈ Rs 3,541.67 · principal ≈ Rs 6,716.60 · balance ≈ Rs 4,93,283.
- Month 60: interest ≈ Rs 72.15 · principal ≈ Rs 10,186.11 · balance ≈ Rs 0.
Formula locked into the tool: if r ≈ 0, EMI = P / n; else EMI = P × r × (1+r)^n / ((1+r)^n − 1). Fees, prepayment, and floating-rate resets are not modelled. Not loan advice. Disclaimer.
First 12 months interest / principal (defaults)
Static schedule for the default loan above. EMI each month ≈ Rs 10,258.27.
| Month | Interest | Principal | Balance after |
|---|---|---|---|
| 1 | Rs 3,541.67 | Rs 6,716.60 | Rs 4,93,283.40 |
| 2 | Rs 3,494.09 | Rs 6,764.17 | Rs 4,86,519.23 |
| 3 | Rs 3,446.18 | Rs 6,812.09 | Rs 4,79,707.14 |
| 4 | Rs 3,397.93 | Rs 6,860.34 | Rs 4,72,846.80 |
| 5 | Rs 3,349.33 | Rs 6,908.93 | Rs 4,65,937.86 |
| 6 | Rs 3,300.39 | Rs 6,957.87 | Rs 4,58,979.99 |
| 7 | Rs 3,251.11 | Rs 7,007.16 | Rs 4,51,972.83 |
| 8 | Rs 3,201.47 | Rs 7,056.79 | Rs 4,44,916.04 |
| 9 | Rs 3,151.49 | Rs 7,106.78 | Rs 4,37,809.27 |
| 10 | Rs 3,101.15 | Rs 7,157.12 | Rs 4,30,652.15 |
| 11 | Rs 3,050.45 | Rs 7,207.81 | Rs 4,23,444.34 |
| 12 | Rs 2,999.40 | Rs 7,258.87 | Rs 4,16,185.47 |
Interest falls every month as the balance falls. Year-1 interest alone is already a large share of lifetime interest on a short personal loan, one reason prepayment early in the tenure saves more than the same rupee paid near the end.
Tenure unit and KPI readout
Years → n = years × 12; Months → n as-is. The box is not converted when you flip the unit (5 years ≠ 5 months). KPIs: monthly EMI (constant installment), total interest (payment − principal), total payment (EMI × n). For cash-flow planning beside a loan, see the SIP calculator or CTC to in-hand.
FAQ
How is EMI calculated?
This page uses the standard reducing-balance equated monthly installment. Let P be the loan principal, R the annual interest rate in percent, and n the number of months (tenure in months, or years × 12). Monthly rate r = (R/100) / 12. If r is about 0, EMI = P / n. Otherwise EMI = P × r × (1+r)^n / ((1+r)^n − 1). Total payment = EMI × n. Total interest = total payment − P.
What is reducing-balance interest?
Each EMI first covers that month's interest on the outstanding principal; the rest reduces the principal. Next month's interest is charged on the lower balance. That is the equated monthly installment most Indian home, auto, and personal loans use, not a flat rate charged on the original principal for the whole tenure.
Can I switch tenure between years and months?
Yes. Use the Years or Months control next to the tenure box. Years becomes n = years × 12 (5 years is 60 months). Months uses the number as-is. The calculator does not rewrite the tenure box when you change units; 5 years and 5 months are different tenures. Recalculation runs live on input and unit change.
Is anything uploaded?
No. Loan amount, rate, tenure, and the math run in your browser. Nothing is sent to ToolPetal.