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. For UK car finance specifically, the paying off car finance early calculator works out the settlement figure the lender will quote.
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 |
