Calculate EMI and Annual / Monthly Amortization Schedule for a fixed rate loan spanned across years.

Calculate Loan EMI

Loan Amount :
$
Interest Rate :
%
Loan Term :
years
EMI Start Date :
Financial Year

Principal vs Interest

Loan Payment Details

Loan Amount : $1,000,000
Monthly Loan EMI : $12,133
Total Interest Amount : $455,931
Total Amount Payable : $1,455,931
Tenure : 120 Months

Yearly Principal vs Interest

Amortization Table Principal & Interest Payment Schedule

($1,000,000 loan, 8.0% annual interest, 10 years payments)

Financial YearTotal PaymentInterestPrincipalBalance
+ 2021$36,398$19,890$16,508$983,492
2021-October$12,133$6,667$5,466$994,534
2021-November$12,133$6,630$5,503$989,031
2021-December$12,133$6,594$5,539$983,492
+ 2022$145,593$76,171$69,423$914,070
2022-January$12,133$6,557$5,576$977,916
2022-February$12,133$6,519$5,613$972,303
2022-March$12,133$6,482$5,651$966,652
2022-April$12,133$6,444$5,688$960,964
2022-May$12,133$6,406$5,726$955,237
2022-June$12,133$6,368$5,765$949,473
2022-July$12,133$6,330$5,803$943,670
2022-August$12,133$6,291$5,842$937,828
2022-September$12,133$6,252$5,881$931,948
2022-October$12,133$6,213$5,920$926,028
2022-November$12,133$6,174$5,959$920,069
2022-December$12,133$6,134$5,999$914,070
+ 2023$145,593$70,408$75,185$838,885
2023-January$12,133$6,094$6,039$908,031
2023-February$12,133$6,054$6,079$901,951
2023-March$12,133$6,013$6,120$895,832
2023-April$12,133$5,972$6,161$889,671
2023-May$12,133$5,931$6,202$883,469
2023-June$12,133$5,890$6,243$877,226
2023-July$12,133$5,848$6,285$870,942
2023-August$12,133$5,806$6,326$864,615
2023-September$12,133$5,764$6,369$858,247
2023-October$12,133$5,722$6,411$851,836
2023-November$12,133$5,679$6,454$845,382
2023-December$12,133$5,636$6,497$838,885
+ 2024$145,593$64,168$81,425$757,460
2024-January$12,133$5,593$6,540$832,345
2024-February$12,133$5,549$6,584$825,761
2024-March$12,133$5,505$6,628$819,133
2024-April$12,133$5,461$6,672$812,461
2024-May$12,133$5,416$6,716$805,745
2024-June$12,133$5,372$6,761$798,984
2024-July$12,133$5,327$6,806$792,178
2024-August$12,133$5,281$6,852$785,326
2024-September$12,133$5,236$6,897$778,429
2024-October$12,133$5,190$6,943$771,486
2024-November$12,133$5,143$6,990$764,496
2024-December$12,133$5,097$7,036$757,460
+ 2025$145,593$57,410$88,183$669,277
2025-January$12,133$5,050$7,083$750,377
2025-February$12,133$5,003$7,130$743,247
2025-March$12,133$4,955$7,178$736,069
2025-April$12,133$4,907$7,226$728,843
2025-May$12,133$4,859$7,274$721,570
2025-June$12,133$4,810$7,322$714,247
2025-July$12,133$4,762$7,371$706,876
2025-August$12,133$4,713$7,420$699,456
2025-September$12,133$4,663$7,470$691,986
2025-October$12,133$4,613$7,520$684,467
2025-November$12,133$4,563$7,570$676,897
2025-December$12,133$4,513$7,620$669,277
+ 2026$145,593$50,091$95,502$573,775
2026-January$12,133$4,462$7,671$661,606
2026-February$12,133$4,411$7,722$653,884
2026-March$12,133$4,359$7,774$646,110
2026-April$12,133$4,307$7,825$638,285
2026-May$12,133$4,255$7,878$630,407
2026-June$12,133$4,203$7,930$622,477
2026-July$12,133$4,150$7,983$614,495
2026-August$12,133$4,097$8,036$606,458
2026-September$12,133$4,043$8,090$598,369
2026-October$12,133$3,989$8,144$590,225
2026-November$12,133$3,935$8,198$582,027
2026-December$12,133$3,880$8,253$573,775
+ 2027$145,593$42,164$103,429$470,346
2027-January$12,133$3,825$8,308$565,467
2027-February$12,133$3,770$8,363$557,104
2027-March$12,133$3,714$8,419$548,685
2027-April$12,133$3,658$8,475$540,210
2027-May$12,133$3,601$8,531$531,679
2027-June$12,133$3,545$8,588$523,091
2027-July$12,133$3,487$8,645$514,445
2027-August$12,133$3,430$8,703$505,742
2027-September$12,133$3,372$8,761$496,981
2027-October$12,133$3,313$8,820$488,161
2027-November$12,133$3,254$8,878$479,283
2027-December$12,133$3,195$8,938$470,346
+ 2028$145,593$33,580$112,014$358,332
2028-January$12,133$3,136$8,997$461,348
2028-February$12,133$3,076$9,057$452,291
2028-March$12,133$3,015$9,117$443,174
2028-April$12,133$2,954$9,178$433,996
2028-May$12,133$2,893$9,239$424,756
2028-June$12,133$2,832$9,301$415,455
2028-July$12,133$2,770$9,363$406,092
2028-August$12,133$2,707$9,425$396,667
2028-September$12,133$2,644$9,488$387,178
2028-October$12,133$2,581$9,552$377,627
2028-November$12,133$2,518$9,615$368,011
2028-December$12,133$2,453$9,679$358,332
+ 2029$145,593$24,283$121,311$237,022
2029-January$12,133$2,389$9,744$348,588
2029-February$12,133$2,324$9,809$338,779
2029-March$12,133$2,259$9,874$328,905
2029-April$12,133$2,193$9,940$318,965
2029-May$12,133$2,126$10,006$308,959
2029-June$12,133$2,060$10,073$298,886
2029-July$12,133$1,993$10,140$288,746
2029-August$12,133$1,925$10,208$278,538
2029-September$12,133$1,857$10,276$268,262
2029-October$12,133$1,788$10,344$257,918
2029-November$12,133$1,719$10,413$247,504
2029-December$12,133$1,650$10,483$237,022
+ 2030$145,593$14,214$131,379$105,642
2030-January$12,133$1,580$10,553$226,469
2030-February$12,133$1,510$10,623$215,846
2030-March$12,133$1,439$10,694$205,152
2030-April$12,133$1,368$10,765$194,387
2030-May$12,133$1,296$10,837$183,550
2030-June$12,133$1,224$10,909$172,641
2030-July$12,133$1,151$10,982$161,659
2030-August$12,133$1,078$11,055$150,604
2030-September$12,133$1,004$11,129$139,476
2030-October$12,133$930$11,203$128,273
2030-November$12,133$855$11,278$116,995
2030-December$12,133$780$11,353$105,642
+ 2031$109,195$3,553$105,642$00
2031-January$12,133$704$11,428$94,214
2031-February$12,133$628$11,505$82,709
2031-March$12,133$551$11,581$71,128
2031-April$12,133$474$11,659$59,469
2031-May$12,133$396$11,736$47,733
2031-June$12,133$318$11,815$35,918
2031-July$12,133$239$11,893$24,025
2031-August$12,133$160$11,973$12,052
2031-September$12,133$80$12,052$00

What is EMI, how it is calculated?

As per the EMI definition mentioned on Wikipedia, EMI is an equated monthly installment (EMI). It is a fixed payment amount made by a borrower to a lender at fixed intervals for a particular period. EMI is the amount that is used to pay off both the principal and interest each month over specified period until the loan amount is paid in full.

EMI has two components, principal and interest. Major portion of EMI goes into interest and not the principal in the initial period of the loan. It is divided in such a way that the interest amount is higher than principal amount in starting periods. Gradually, over the period, interest amount becomes lower than principal amount and it becomes zero at end of the tenure.

There is mathematical formula to calculate the principal and interest components of an EMI. Below is the calculations and numerical to calculate the EMI for the given loan for a specified period with specified rate of interest.

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

  • P stands for the principal or loan amount
  • R is the interest rate per month (If the interest rate per annum is 10%, then the rate of interest will be 10/(12 x 100)]
  • N is the number of monthly installments

Example:
Nancy brought a house worth of $300,000. She made a down payment of $50,000 and took the housing loan for the rest amount at 5% rate of interest per annum for 10 years. Calculate the EMI
Principal Amount = $300,000 - $50,000 = $250,000
Rate of interest = 5% = (5 /12) /100 = 0.0041
Number of Installments = 10years * 12 = 120 Months
EMI = ($250,000 * 0.0041 * (1 + 0.0041) 120 ) / (1 + 0.0041) 120 - 1
EMI = $2,652

Advantages and disadvantages of EMI

Advantages:

  • Affordability – Many peoples do not afford the big amount that is why bank provides the loan amount with affordable rate of interest
  • Flexibility – It has flexibility to provide the loan amount with different affordable loan periods like 5 years / 7 years / 10 years or 20 years as per the eligibility and flexibility of the lender
  • Better Planning – It is easy on our wallet to do the financial planning

Disadvantages:

  • Long-term debt – As the loan amount is provided with affordable installments, EMI needs to pay for longer duration and pay more interest on it. More the loan tenure, more the interest
  • Penalties – Needs to pay the extra amount as a prepayment penalty in case you make prepayment to minimize the interest
  • Bad Credit Score – You credit score might affect badly in case you don’t pay the EMI on time every month

Amortization Schedule & Financial Year Amortization Schedule:

Amortization Schedule:

Amortization schedule helps you to understand how your term loan gets splitted for each month until the loan tenure. It has the detail distribution of how much you pay as a Principal & how much you as an Interest as part monhlty installments.

Financial Year Amortization Schedule:

It is the same Amortization Schedule but grouped by the financial year for better calculations.
For Example:
  • India – April to March
  • USA - January to December
  • UK – April to March
  • Australia – July to June
Disclaimer

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