An EMI is constant, but its composition is not: early instalments are mostly interest, later ones mostly principal. That is why prepaying early saves so much more than prepaying late.
Useful for company-loan deductions and salary advances.
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EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n the number of months.
Total repayment is EMI × n.
Total interest is total repayment minus principal.
₹30,00,000 over 20 years at 9% gives an EMI of roughly ₹26,992, a total repayment near ₹64.8 lakh — more than double the amount borrowed.
Reducing the tenure saves more interest. Reducing the EMI improves monthly cash flow. Which is right depends on whether your constraint is cost or liquidity.
Interest is charged on the outstanding balance, which is at its largest at the start. As principal falls, the interest share falls with it.
Garuda HR looks after payroll, attendance, leave and statutory compliance for Indian teams — the same arithmetic, run for you every month, with a full audit trail. We would be glad to show you around.