Loan & EMI Calculator — Monthly Payment on Any Loan
Calculate monthly EMI (Equated Monthly Installment) for personal loans, mortgages, car loans, and any other loan. Works for any currency and interest rate worldwide.
Loan / EMI calculator
How EMI is calculated
The EMI formula accounts for both principal repayment and interest. In the early months of a loan, most of your payment goes to interest. As the principal reduces, the interest portion shrinks and more of your payment pays off the loan — this is called amortisation.
Example: $10,000 loan, 8% p.a., 36 months
Monthly rate = 8% ÷ 12 = 0.667%. EMI ≈ $313.36/month. Total repaid = $11,281. Total interest = $1,281 (12.8% of the loan).
Tip: Reducing your interest rate by just 1–2% can save thousands over the life of a home loan. Always compare rates from multiple lenders before signing.
Frequently asked questions
EMI (Equated Monthly Installment) is the fixed monthly amount you pay to repay a loan. Each payment covers interest and a portion of the principal. Early payments are mostly interest; later ones are mostly principal.
EMI = P × r × (1+r)^n / ((1+r)^n − 1). Where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = number of monthly payments.
Yes, but you pay more total interest. A 36-month loan has higher monthly payments than a 60-month loan for the same amount, but costs less interest overall.
Varies by country. UAE: 5–9% p.a. typical. India: 10–24% p.a. UK: 5–15% p.a. US: 7–25% p.a. Your rate depends on credit score, income, and lender.
Yes. Paying extra toward the principal reduces the outstanding balance faster, which reduces future interest charges. Check if your lender charges early repayment fees before doing this.