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How to Calculate the Loan Amortization Schedule (EMI, Principal, and Interest Components) for Your Car Loan? — Capital Advisor

How to Calculate the Loan Amortization Schedule (EMI, Principal, and Interest Components) for Your Car Loan?

by Vinaya HS on July 3, 2008

in Finance

Thanks for visiting Capital Advisor. I frequently update this blog to cover various topics on personal finance such as investment strategies, financial products that you should buy and ones that you really should stay away from, financial calculators, emerging themes such as early retirement and financial independence, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.

  1. Download my Car Loan EMI Calculator Excel workbook.
  2. This workbook has six sheets, one each for a loan duration ranging from one year to six years.
  3. Select the sheet corresponding to the loan duration you’re thinking of. For example: select the sheet labeled “4 Years” if you’re looking for a car loan that you want to repay in 4 years’ time.
  4. You will now find three cells highlighted in yellow — one for the loan amount, one for the interest rate, and one for the type of EMI payment. You need to provide your inputs in these three cells. Note that changing the data in one sheet will not affect the other sheets.
  5. The workbook automatically computes your Car Loan Amortization Schedule.
  6. You can now Save/Print this sheet for your reference.

Let me know if you’re facing any difficulty. Drop a comment if you find this calculator useful.

Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.

{ 22 comments… read them below or add one }

Anonymous July 8, 2008 at 7:51 PM

HI Vinaya,
Keep the blogs flowing….
Home loans- EMI calculator would be usefulll…

Marcilio August 3, 2008 at 5:11 AM

Many people that are in the market for a new or used car check out auto loans online. Applying for auto loans online gives you the opportunity to stay in the comfort of your own home while also saving time. Many people have their own bank or lending institution where they do all their banking business from checking and savings to loans. While this may be convenient, your bank may not be giving you the best possible deal. If you’re thinking of checking out a new bank, you’ll have to take time away from your busy schedule to go there, fill out an application and meet with a lender. Although this may not seem like something that takes a lot of time, if you’re checking at a couple different banks, it may take time. If you’re an employee that works during the day time, you’ll either have to lose time from work to see a lender or rush during your lunch hour.

Applying for auto loans online can be done at your convenience, whether it’s morning, afternoon or the middle of the night. There are many different sites on the web that offer auto loans online. It’s relatively easy to apply for auto loans online, too. Although each site may be slightly different, they are all going to have a lot of similarities. You’ll choose which state you’re from and be given an online form to fill out. The form will request personal information such as your name and address. You’ll also need to fill out information on the auto you are thinking of purchasing, including the price. Once you fill out all the important information, you submit the form. You will be notified by email a list of different lending institutions along with what their loan terms are. As I said, it’s a very simple procedure.

There are other online sites that offer you the opportunity to apply for auto loans online through a specific lending company rather than a site where you have no idea who you are doing business with. This is the day and age of the internet and more things are being done online every day. Getting auto loans online is just one of the many online transactions.

Applying for auto loans online is often an opportunity for someone with less than perfect credit to obtain a loan. Many of the online lending institutions will give loans to poor credit individuals. The catch is that they charge a higher than normal interest rate. While this is not an ideal situation, it works well for those that couldn’t otherwise get an auto loan.

Read more at http://loan.seuamigodopeito.com

Viswanath Reddy August 25, 2008 at 4:38 AM

I wanted to say thanks for providing the Amortization schedule.
Your Amortization schedule Excel sheet was immensely helpful for me to check the affect of part prepayments on my EMI/Duration etc..

This is my first visit to your blog and it is very interesting and has lot of useful information. Thanks again

Parth Vora October 10, 2008 at 7:00 PM

Hi This Calculator is good one. Saved my time this year. Well we can have an improvement by incorporating the start date and end date.

Sun December 16, 2008 at 2:53 PM

Hi Its very good working on excel sheet. But as u are aware in india, interest rates are changing and people are also making downpayment. People also have choice of keeping the EMI same and extending the term longer. Can we manage to do this in excell sheet as this workings. so that individual can see and check various options before reachig the bank. In a way if it is possible in excell sheet then it is going to be lacs of favours in fellow india borrowers who really finds it difficult to make a choice about options perticularly in home loan.

K.Raju December 30, 2008 at 12:57 PM


Thanks for your Car Loan EMI Calculator in Excel.

Can u provide EMI Calculator by using rate of reducing balance in excel.

Harinder kaur March 16, 2009 at 12:30 PM

Ihave purchased honda city car under your lone A C LUCHD14027646B BEFORE FINALISE THE DEEL YOUR REP TOLD ME THAT YOUR EMI CONE NEAR 2600. OR 2700. PER LAC


Harinder kaur March 16, 2009 at 12:36 PM


Harinder kaur March 16, 2009 at 12:58 PM


Ze Belchior April 21, 2009 at 5:52 PM

Thanks a lot chief… you are a real life saver…. just saved me 24 Hrs of breaking my head with this …. :D

ayyappan June 3, 2009 at 12:42 PM

that was a lot useful dude.. thanx a lot :)

Divya June 14, 2009 at 2:10 AM


First of all thanks for the spread sheets (EMI and Tax calculators).

Would like to know if these exists similar spread sheet, which will give the remaining loan amount if we need to repay the amount before schedule. For e.g. if EMI is 9595/- and we pay 50,000/- this month, how it would get adjusted etc.

Appreciate your help.

P Kartikeyan June 18, 2009 at 8:56 AM

Hi Vinaya
Your car loan EMI calculator is very useful.
Now SBI is offering a car loan with 10% for 1st year and 12% for the sussequent years.
i.e. If I take a 5 year loan, It will be 10% for initial 12 installments and 12% for the balance 48 installment.

HDFC bank is offering a loan at 12% interest rate.

How can i compare which one is beneficial

Sam July 10, 2009 at 2:59 PM

Your car loan EMI calculator was very useful. You may also call it as ‘EMI calculator’ as it is useful for most of the category of loans.

Anonymous January 21, 2010 at 7:57 PM

I found this to be very useful. Thanks alot!

Srilakshmi September 24, 2010 at 6:08 PM

Hey superawesome calculator :) however, is there a way to find out the rate of interest when I have all the other variables??

Vinaya HS September 27, 2010 at 2:56 PM


Yes. Use IPMT function in Excel.

Pankaj November 11, 2010 at 6:00 PM

Thanks Vinaya…

Really a useful tool to calculate …Make it more customizable ( As some banks now a days are offering diffrerent slabs on yearly basis ).

Eg : Bank A with offer of 8% for first year & 10/12% for 2nd/3rd year or even coming up with more typical equations.

prem dhakal July 5, 2011 at 4:17 PM

Really a useful tool to calculate principle,interest & penalty make it monthly or customer able on yearly basis.

Ganesh July 15, 2011 at 9:35 PM

You have only Monthly reducing rate, adding yearly and daily, quarterly reducing rate option would make it even better.Fantastic tool by the way.
Could also add a Company lease vehicle, Lease break calculation, like include the VAt that will be applicable when the lease is closed 1,2,3,4 years before normal lease term

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