Generate detailed loan amortization schedule
An amortization schedule shows the breakdown of each EMI into principal and interest portions, outstanding balance after each payment, and cumulative totals. It helps visualize how your loan gets paid off over time.
Interest is calculated on outstanding principal. Initially, principal is highest, so interest portion is highest. As you repay, principal decreases, reducing interest and increasing the principal portion of each EMI.
Use it to: identify optimal prepayment timing, see interest vs principal ratio at any point, plan for loan closure timing, and understand the impact of additional payments. It's a powerful financial planning tool.
Negative amortization occurs when EMI doesn't cover the interest due, causing unpaid interest to add to principal. This can happen with payment caps or certain adjustable-rate mortgages. It increases your loan balance over time.
Yes, you have the right to request an amortization schedule from your lender. Many banks provide this in your loan documents or online banking portal. It's useful for tracking payments and planning prepayments.
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