E
emicalc.app

Free EMI & Loan Calculator

Calculate your monthly payments, view amortization schedules, compare loans side-by-side, and export PDF reports. No signup required. 100% free.

Loan Details

$
$1,000$10,000,000
%
0%30%
yrs
1 yrs30 yrs
$
$0$4,028

Monthly EMI

$2,014

Total Interest

$233,356

Total Payment

$483,356

Interest/Principal

93.3%

Interest ratio

Payment Breakdown

Total Payment$483,356
Principal (51.7%)
Interest (48.3%)

Yearly Principal vs Interest

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How to Calculate EMI

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender at a specified date each month. The EMI formula is: EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is the principal loan amount, r is the monthly interest rate, and n is the total number of months.

What Affects Your EMI?

Three factors determine your monthly payment: the loan amount (principal), the interest rate, and the loan tenure. A higher principal or interest rate increases your EMI, while a longer tenure reduces it — but increases total interest paid over the life of the loan.

Benefits of Extra Payments

Making extra monthly payments can significantly reduce both the total interest you pay and the loan duration. Even small additional payments compound over time, potentially saving you thousands in interest and years off your loan. Use the extra payment slider above to see exactly how much you can save.

EMI Calculator for Different Loan Types

This calculator works for all loan types: home loans, car loans, personal loans, education loans, and business loans. Simply adjust the loan amount, interest rate, and tenure to match your specific loan terms. The amortization schedule shows exactly how each payment is split between principal and interest.

Home Loan Tax Benefits by Country

Tax laws significantly affect the true cost of your loan. Here's what you can claim in major markets. Showing United States based on your selected currency.

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Important Disclaimer

This calculator provides estimates onlybased on the standard EMI formula (P × r × (1+r)^n / ((1+r)^n-1)). Actual loan payments may vary based on your lender's terms, processing fees, stamp duty, insurance requirements (e.g., PMI in the US), tax deductions, variable vs fixed rate adjustments, compounding methods, and other country-specific regulations. This tool is not a substitute for professional financial advice. Always consult your bank or a qualified financial advisor before making borrowing decisions.