EMI & Loan Calculators

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r as the monthly interest rate and n as the tenure in months.

It reduces the monthly instalment but increases total interest, because you owe the balance for longer.

A lump sum paid early cuts principal directly, so it removes far more interest than the same amount paid in the final years.

The interest maths matches. Banks may add processing fees, insurance or a different day-count, so treat the result as a close estimate.