Calculate your EMI and total interest - Know exactly how much you'll pay for your loan
| Year | Principal Paid | Interest Paid | Remaining Balance |
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| Payment # | Payment Amount | Principal | Interest | Remaining Balance |
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EMI (Equated Monthly Installment) is the fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month.
You can reduce your EMI by increasing the loan tenure, making a higher down payment, or negotiating a lower interest rate. Even a small reduction in interest rate can save you lakhs over the loan term.
Longer loan terms mean smaller EMIs but significantly more interest paid over time. For a ₹20 lakh home loan at 8.5% interest, increasing tenure from 15 to 20 years reduces EMI by ₹2,500 but increases total interest by ₹4.5 lakh.
By increasing your EMI by just 10%, you could save ₹0 in interest and reduce your loan tenure by 0 years!