Read an EMI schedule before comparing loan offers
Separate the payment, interest, fees and repayment period.
VertexFiles editorial · Updated 6 September 2026
Start with comparable inputs
Enter the same borrowed amount, annual nominal rate and number of monthly payments for each scenario. A quoted payment can look smaller simply because the term is longer. The calculator uses a fixed rate and a reducing outstanding balance. It does not reproduce a lender's daily interest convention or an introductory rate that later changes.
Read principal and interest separately
Each scheduled payment is divided between interest on the outstanding balance and principal repayment. The first rows typically contain more interest than the later rows at a positive fixed rate. At zero interest, the principal is divided evenly across the entered number of months. The last payment is capped to avoid repaying more than the remaining balance and interest.
Compare fees and extra payments
Upfront fees increase the displayed total cost without changing the financed principal. Extra monthly payments shorten the modeled term while keeping the scheduled EMI unchanged. Check the actual lender agreement for prepayment restrictions, charges and how extra payments are allocated. A simplified schedule should not override those terms.
Keep a record of the assumptions
Download the CSV with the inputs, summary and repayment rows. Displayed money values are rounded to two decimals, while the calculation retains additional precision internally. Small differences from a lender schedule are possible. Review important borrowing decisions with a qualified professional.