What you get
- Monthly payment (EMI)
- Total interest and total amount paid
- A yearly amortization table: principal and interest paid each year and the remaining balance
How to lower your EMI or interest
- A longer term lowers the EMI but increases the total interest.
- A larger down payment lowers both.
- Prepayments early in the loan save the most interest, because early EMIs are mostly interest.
Works for home loans, car loans, personal loans and mortgages with a fixed rate. Fees, insurance and taxes are not included.
Frequently asked questions
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start.
Does it work for variable-rate loans?
It assumes a fixed rate; recalculate when your rate changes.
What if the interest rate is 0%?
The EMI is simply the amount divided by the number of months.