Multi-Currency Loan EMI & Mortgage Calculator
Calculate your Equated Monthly Installments (EMI) in multiple currencies and view detailed amortization schedule
Loan Details
Loan Summary
Amortization Schedule
Payment Breakdown
| Payment Date | Payment | Principal | Interest | Total Interest | Balance |
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About Loan 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 paid off in full.
The formula for calculating EMI is:
EMI = P × r × (1 + r)^n / ((1 + r)^n - 1)
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate divided by 12 months)
- n = Number of monthly installments (loan term in years multiplied by 12)
An amortization schedule is a table detailing each periodic payment on a loan. Each calculation is done for a single payment period, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.
Understanding your amortization schedule can help you see how much of your payment goes toward interest versus principal, and how making extra payments can reduce your total interest paid and shorten your loan term.