Equated monthly instalment
Work out the monthly instalment, total payable and total interest on a reducing-balance loan.
This is the worked example. Change any field above and press Calculate to use your own numbers.
Result
Loan amount
रु10,00,000.0
Number of payments
60 months
Monthly instalment
रु22,244.45
Total payable
रु13,34,666.86
Total interest
रु3,34,666.86
This is a reducing-balance loan: the interest is charged on the balance outstanding each month, so early instalments are mostly interest. Flat-rate loans work out more expensive than the same headline rate here.