EMI (Equated Monthly Installment) is a fixed monthly payment made by a borrower to a lender. It covers both principal and interest portions, calculated so the loan is fully paid off by the end of the tenure.

Can I download my EMI calculation as a PDF?

Yes! LoanCalc lets you download a full PDF report of your loan calculation. The report includes a loan summary, monthly EMI details, total interest payable, total amount payable, and a complete yearly amortization schedule.

Which currencies does this EMI calculator support?

LoanCalc supports 24 major world currencies including USD, EUR, GBP, INR, JPY, CAD, AUD, CNY, CHF, SGD, AED, SAR, MYR, IDR, THB, PHP, BRL, MXN, ZAR, KRW, HKD, NZD, NOK, SEK, and DKK. Your currency is automatically detected from your IP address.

What is the difference between home loan and personal loan EMI?

Home loan EMIs are typically lower because home loans have longer tenures (up to 30 years) and lower interest rates (7-10%). Personal loan EMIs are higher because they have shorter tenures (1-5 years) and higher interest rates (12-20%). Use our EMI calculator with the Home Loan and Personal Loan presets to compare instantly.

What happens if I make a prepayment on my loan?

A prepayment reduces your outstanding principal. This either reduces your subsequent EMI amount (keeping the tenure the same) or shortens your loan tenure (keeping the EMI the same). Either way, you pay less total interest. Many lenders allow partial prepayments without penalty.

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EMI Calculator

Calculate your Equated Monthly Installment for home, car, personal, or any loan instantly.

Loan Amount

$100K$100M

Annual Interest Rate

0.5%30%

Loan Tenure

1 Mo360 Mo

Monthly EMI

$20,517

Total Interest Payable

$230,992

Total Amount Payable

$1,230,992

Principal (81%)Interest (19%)

Principal vs Interest

Yearly Breakdown

Amortization Schedule

Year	EMI	Principal	Interest	Balance
Year 1	$246,204	$167,635	$78,569	$832,365
Year 2	$246,204	$182,453	$63,751	$649,912
Year 3	$246,204	$198,578	$47,626	$451,334
Year 4	$246,204	$216,131	$30,073	$235,203
Year 5	$246,171	$235,203	$10,968	$0

What is EMI?

EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off. The formula is: 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.

EMI Formula

EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)

Where P = Principal, r = Monthly Interest Rate, n = Number of Months

Can I prepay my loan?

Yes. Partial or full prepayment reduces your outstanding principal, thereby reducing your EMI or shortening the tenure — and saving significantly on total interest.

What affects my EMI?

Loan amount, annual interest rate, and tenure directly affect your EMI. A higher loan or rate increases EMI; a longer tenure reduces EMI but increases total interest paid.

How can I reduce my EMI?

Increase your down payment to borrow less, opt for a longer tenure, negotiate a lower interest rate, or make periodic prepayments to reduce the outstanding balance.

Frequently Asked Questions

What is EMI?

EMI (Equated Monthly Installment) is a fixed monthly payment that covers both principal repayment and interest, calculated so the loan is fully paid off by end of tenure.

How is EMI calculated?

EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P = principal loan amount, r = monthly interest rate (annual rate / 12 / 100), n = total number of monthly installments.

What is an amortization schedule?

An amortization schedule is a complete table showing each month's payment broken down into principal and interest portions, along with the remaining balance — helping you track exactly how your loan reduces over time.

Can I change my EMI mid-tenure?

You can reduce your EMI by making a partial prepayment (keeping tenure same) or by renegotiating with your lender. Some banks allow a one-time EMI revision on request.

Is this EMI calculator free to use?

Yes, LoanCalc is completely free — no sign-up, no login, no hidden charges. You can also download a detailed PDF report of your loan calculation for free.