Mortgage / EMI Calculator
Calculate monthly EMI, total interest, and the year-by-year amortization for home loans in Nepal, India, or Pakistan.
Year-by-year amortization
| year | openingBal | interest | principal | closingBal |
|---|---|---|---|---|
| 1 | NPR 50,00,000 | NPR 4,71,232 | NPR 88,047 | NPR 49,11,953 |
| 2 | NPR 49,11,953 | NPR 4,62,493 | NPR 96,785 | NPR 48,15,168 |
| 3 | NPR 48,15,168 | NPR 4,52,888 | NPR 1,06,391 | NPR 47,08,777 |
| 4 | NPR 47,08,777 | NPR 4,42,329 | NPR 1,16,950 | NPR 45,91,826 |
| 5 | NPR 45,91,826 | NPR 4,30,722 | NPR 1,28,557 | NPR 44,63,269 |
| 6 | NPR 44,63,269 | NPR 4,17,963 | NPR 1,41,316 | NPR 43,21,953 |
| 7 | NPR 43,21,953 | NPR 4,03,937 | NPR 1,55,341 | NPR 41,66,612 |
| 8 | NPR 41,66,612 | NPR 3,88,520 | NPR 1,70,759 | NPR 39,95,853 |
| 9 | NPR 39,95,853 | NPR 3,71,573 | NPR 1,87,706 | NPR 38,08,147 |
| 10 | NPR 38,08,147 | NPR 3,52,943 | NPR 2,06,335 | NPR 36,01,811 |
| 11 | NPR 36,01,811 | NPR 3,32,465 | NPR 2,26,814 | NPR 33,74,998 |
| 12 | NPR 33,74,998 | NPR 3,09,954 | NPR 2,49,324 | NPR 31,25,673 |
| 13 | NPR 31,25,673 | NPR 2,85,209 | NPR 2,74,069 | NPR 28,51,604 |
| 14 | NPR 28,51,604 | NPR 2,58,009 | NPR 3,01,270 | NPR 25,50,334 |
| 15 | NPR 25,50,334 | NPR 2,28,108 | NPR 3,31,170 | NPR 22,19,163 |
| 16 | NPR 22,19,163 | NPR 1,95,240 | NPR 3,64,038 | NPR 18,55,125 |
| 17 | NPR 18,55,125 | NPR 1,59,111 | NPR 4,00,168 | NPR 14,54,957 |
| 18 | NPR 14,54,957 | NPR 1,19,395 | NPR 4,39,884 | NPR 10,15,073 |
| 19 | NPR 10,15,073 | NPR 75,737 | NPR 4,83,541 | NPR 5,31,532 |
| 20 | NPR 5,31,532 | NPR 27,747 | NPR 5,31,532 | -NPR 0 |
How this works
We use the standard reducing-balance EMI formula:
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
where P = principal, r = monthlyRate = annualRate / 12 / 100, n = monthsEach month's interest is charged on the outstanding balance, so early payments are interest-heavy and later payments are principal-heavy. The EMI itself stays constant — only the split between interest and principal changes month by month.
When the annual rate is exactly zero we use EMI = P / n directly, which avoids the 0/0 in the standard formula.
Worked example
Loan principal of NPR 50,00,000, annual rate of 9.5%, tenure of 240 months (20 years):
- Monthly rate
r = 9.5 / 12 / 100 ≈ 0.00792 - Monthly EMI ≈ NPR 46,607
- Total interest paid ≈ NPR 61,85,604
- Total amount paid ≈ NPR 1,11,85,604
Try changing the rate or tenure to see how the interest portion shifts — a small drop in rate or tenure can save several lakhs of interest over a 20-year loan.
Sources
- Standard reducing-balance EMI formula (Equated Monthly Instalment)
FAQ
What is EMI and what does the monthly figure include?
EMI stands for Equated Monthly Instalment. It is the fixed amount you pay every month to the lender until the loan is fully repaid. Each EMI is a blend of interest on the outstanding balance and a repayment of the principal. The monthly amount stays the same across the tenure, but the split between interest and principal shifts month by month.
What is the difference between a fixed and a floating interest rate?
A fixed rate is locked at the start and the EMI does not change for the agreed period. A floating rate is tied to a benchmark (for example a bank's published lending rate) and is reset periodically, so the EMI or the tenure can change when the benchmark moves. This calculator assumes a constant rate across the full tenure. If you have a floating loan, recompute whenever the rate is reset.
How does prepayment change the schedule?
A prepayment is an extra principal payment on top of the regular EMI. Because interest each month is charged on the outstanding balance, knocking the balance down early cuts the total interest sharply and shortens the tenure (or, if the lender reduces the EMI instead, lowers your monthly outflow). This calculator shows the schedule without prepayments — repeat the calculation with a smaller principal or shorter tenure to see the effect of a one-time prepayment.
Why does the interest portion of the EMI fall over time?
Interest each month is charged on the balance that is still outstanding. In the first months that balance is close to the full principal, so a large slice of the EMI is interest and only a small slice repays the principal. As the balance falls, the interest charge falls with it, and a larger slice of the same EMI goes toward principal. By the final months almost all of the EMI is principal repayment.
Does changing the currency convert NPR to INR or PKR?
No. The currency selector is a labelling change only. The numeric figures stay exactly the same — only the currency code in front of them changes. This calculator does not perform any foreign-exchange conversion. To compare a loan in a different currency, enter the principal in that currency and the rate quoted by that lender.
How is the annual interest rate converted to a monthly rate?
The standard EMI formula divides the annual rate by 12 and by 100. So an annual rate of 9.5 percent becomes a monthly rate of 9.5 / 12 / 100 ≈ 0.00792. The formula is EMI = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the principal, r is the monthly rate, and n is the tenure in months.