Quick Answer
An EMI calculator computes your Equated Monthly Installment using EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate and n is the number of months. It also shows total interest paid, a principal-vs-interest breakdown, and a full year-by-year amortization schedule.
The EMI Formula
This EMI calculator uses the standard reducing-balance formula adopted by banks worldwide. It also supports a flat-interest mode (total interest as a lump sum) and back-solves the implied APR so you can compare flat vs reducing rates apples-to-apples.
where P = principal, r = annual rate / 12 / 100, n = total months. If the rate is 0 %, EMI = P / n.
| Loan type | Typical rate range | Typical term |
|---|---|---|
| Home / mortgage | 6–10 % | 15–30 years |
| Car / auto | 7–14 % | 3–7 years |
| Personal | 10–24 % | 1–5 years |
| Education | 8–15 % | 5–15 years |
How to Use the EMI Calculator
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Enter loan amount and pick currency
Type the total loan principal and choose your currency (PKR, USD, GBP, EUR, INR, etc.) from the dropdown.
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Enter loan term and interest rate
Type the repayment period in years, months or both. Then type the annual interest rate (%). Tap the toggle next to the rate field to switch to flat total interest mode if your lender quotes a flat amount instead of a rate.
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Read the results
The results card shows your monthly EMI, total amount payable, total interest, a principal-vs-interest donut chart, and a collapsible year-by-year amortization schedule. Open Add extra monthly payment to see how prepayments shorten your tenure and reduce total interest.
EMI Calculation Examples
| Loan | Amount | Rate | Term | Monthly EMI | Total Interest |
|---|---|---|---|---|---|
| Home loan | ₨ 50,00,000 | 12 % | 20 yrs | ₨ 55,054 | ₨ 82,12,941 |
| Car loan | $ 25,000 | 7 % | 5 yrs | $ 495 | $ 4,700 |
| Personal loan | ₨ 5,00,000 | 18 % | 3 yrs | ₨ 18,076 | ₨ 1,50,740 |
| Education loan | $ 40,000 | 5.5 % | 10 yrs | $ 434 | $ 12,046 |
