Home, car and personal loans

EMI calculator

What the monthly instalment is, what the loan costs in interest altogether, and how little of the first year's payments actually reduces what you owe.

Year by year

What to know

The early years are mostly interest. Each month's interest is worked out on what is still owed, so at the start almost all of the instalment is interest and very little reduces the loan. A part-prepayment early on saves far more interest than the same sum paid late.

A home loan can cut your tax. Under the old regime, part of the interest and the principal on a home loan can be deducted, each up to its own yearly limit. The app works out how much of your loan counts, under this year's rules.

The rate is assumed fixed for the whole term. A floating rate changes the EMI or the term when it moves.

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