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Model a mortgage-scale repayment over years, not months, and see exactly how advance versus arrears timing shifts your total interest.
Pick a loan type above, enter your amount, rate, and term, and compare the two repayment schemes below.
Both schemes charge the same interest rate on the same loan. The only difference is when each installment falls due — and that timing changes how much interest accrues over the life of the loan.
The first installment is deducted at disbursement, before any interest has accrued. Every later installment is then calculated on a slightly lower balance, so total interest paid over the loan is a little lower.
The first installment falls due one month after disbursement, after a full month of interest has already built up. This is the more common structure for most loans.
EMI stands for Equated Monthly Installment — a fixed payment made each month toward a loan, made up of a portion of the principal and a portion of interest. The size of each portion changes over time, but the total payment stays the same for the life of the loan.
In the advance scheme, your first installment is deducted at disbursement, before any interest has accrued, so total interest ends up slightly lower. In the arrears scheme (the more common structure), the first installment falls due one month after disbursement, after a full month of interest has already built up.
EMI is calculated from three inputs: the loan amount, the annual interest rate, and the number of months. This calculator uses the standard reducing-balance formula that every bank and lender uses, so the numbers you see here should match what a lender quotes for the same inputs.
No. All calculations happen directly in your browser using JavaScript. Nothing you enter is saved, uploaded, or sent to any server.
Yes. The currency dropdown covers 173 countries, and the language dropdown covers 30 languages. The calculator also tries to detect your language and currency automatically from your browser settings when the page loads — you can always change either manually.
This calculator gives an accurate estimate based on the numbers you enter, but real loans often include processing fees, insurance, or other charges that aren't part of the base EMI formula. Confirm the exact terms with your lender before borrowing.