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Loan EMI Calculator
Calculate Equated Monthly Installments (EMI) for home loans, car loans, and personal loans. See monthly payments, total interest, and a full amortization schedule with multi-currency support.
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Enter loan details to see the amortization schedule.
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Understanding Your Loan EMI
An Equated Monthly Installment (EMI) is the fixed amount you pay to your lender every month until the loan is fully repaid. Each EMI includes both a principal component (the loan amount you're repaying) and an interest component (the cost of borrowing). In the early years, a larger portion of your EMI goes toward interest; as you pay down the principal, more of each payment goes toward the actual loan amount.
Our calculator supports five currencies with proper national formatting — including Indian Lakhs/Crores for INR and European dot-comma format for EUR — making it useful for home loans, car loans, education loans, and personal loans worldwide.
How to Use the EMI Calculator
01
Enter Loan Details
Select your currency, then enter the loan amount, annual interest rate, and loan tenure in years or months. Results update instantly as you type.
02
Review Your EMI
See your monthly EMI amount, the visual breakdown of principal vs. interest, and the total cost of the loan at a glance.
03
Explore the Amortization Schedule
Expand the amortization table to see a year-by-year breakdown of principal and interest paid, and how the outstanding balance decreases over time.
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EMI Formulas Explained
| Calculation | Formula | Example |
|---|---|---|
| Monthly EMI | P × r × (1+r)n / ((1+r)n − 1) | $100K at 8% for 20yr = $836/mo |
| Total Payment | EMI × n (total months) | $836 × 240 = $200,746 |
| Total Interest | Total Payment − Principal | $200,746 − $100,000 = $100,746 |
| Monthly Rate (r) | Annual Rate / 12 / 100 | 8% → 0.08/12 = 0.00667 |
Shorter Tenure Saves Money
A shorter loan tenure means higher monthly EMI but significantly less total interest. A 15-year mortgage can save you tens of thousands compared to a 30-year term.
Even 0.5% Rate Matters
On a $300,000 home loan over 30 years, a 0.5% lower interest rate can save over $30,000 in total interest. Always shop around for the best rate.
Prepayments Reduce Interest
Making extra payments toward the principal can dramatically reduce total interest and shorten your tenure. Check if your lender allows prepayments without penalties.
EMI Should Be ≤ 40% of Income
Financial experts recommend that total EMI payments should not exceed 40% of your monthly income to maintain healthy finances.
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Frequently Asked Questions
What is EMI and how is it calculated?
EMI (Equated Monthly Installment) is a fixed monthly payment to repay a loan. The formula is: EMI = P × r × (1+r)n / ((1+r)n − 1), where P = loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), and n = total number of monthly payments.
What factors affect my EMI?
Three factors: (1) Loan Amount — higher principal = higher EMI, (2) Interest Rate — higher rate increases EMI and total interest, (3) Loan Tenure — longer tenure reduces EMI but increases total interest paid.
Should I choose a longer or shorter tenure?
Shorter tenure = higher monthly EMI but much less total interest. Longer tenure = lower EMI but significantly more interest. For example, a $200,000 loan at 7%: 15 years costs ~$88K in interest, while 30 years costs ~$179K. Use the amortization schedule to compare.
Is this calculator free?
Yes, completely free with unlimited calculations. No registration required. Your history is stored locally on your device for privacy.