EMI / Loan Calculator — Any Currency
Calculate the monthly installment (EMI) on any loan from the amount, rate and term, with total interest and a year-by-year amortization schedule — works in any currency.
| Total interest / profit | — |
|---|---|
| Total payable (incl. fee) | — |
| Interest as % of the loan | — |
| Effective APR | — |
| First EMI: interest / principal | — |
Amortization schedule (yearly)
In short
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with P the loan, r the monthly rate and n the months: PKR 500,000 at 12% over 3 years is PKR 16,607 a month with PKR 97,858 total interest. A flat rate charges on the original amount all term, so 12% flat is about 21% APR on a reducing balance.
Who this is for: Anyone comparing loan offers in any currency, including flat-rate quotes, who wants the EMI and a full schedule.
The EMI formula
An equated monthly installment keeps the payment fixed while the mix of interest and principal shifts over the term: EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r the monthly rate (annual ÷ 12) and n the number of months. Early EMIs are mostly interest; later ones mostly principal.
- Flat rate (common for car and personal loans in Pakistan and the Gulf) charges interest on the original amount for the whole term, so a 10% flat rate is roughly 18% on a reducing balance. The calculator converts it to an equivalent APR so offers can be compared.
- Processing fees raise the true APR; the effective rate line includes them when entered.
- Islamic finance (murabaha, diminishing musharakah) quotes a profit rate; the arithmetic is the same.
Country-specific versions with local rules are available for Pakistan (car and home loans), UAE (car loan, mortgage), Saudi Arabia (home and personal loans) and the UK (mortgage repayments).
See also: Saudi Personal Loan Calculator.
Assumptions
- Reducing balance: standard amortising formula; flat: (P + P × rate × years) ÷ months, with the equivalent APR solved numerically.
- A processing fee is reflected in the effective APR (fee deducted from the amount received).
- Schedule uses the reducing rate (or the flat-equivalent APR) month by month.
Worked example
Monthly rate 1%, 36 months → EMI = PKR 16,607; total interest PKR 97,858 (19.6% of the loan).
The same loan quoted at a 12% flat rate would cost PKR 180,000 in interest with an EMI of PKR 18,889 — equivalent to about 21.2% APR.
Frequently asked questions
Why is my bank's EMI slightly different?
Banks may use daily interest, a 360-day year, round the rate, or add insurance to the installment. Differences are usually under 1%.
Does paying extra reduce the EMI or the term?
Your choice in most contracts: a lump sum can either shorten the term at the same EMI (saving the most interest) or reduce the EMI over the same term.
What is a good interest percentage of loan?
It depends on the term: a 3-year loan at 12% costs about 20% of the principal in interest; a 20-year mortgage at 12% costs about 165%.
How do I compare a flat rate with an APR offer?
Switch to flat rate, enter the quoted rate, and read the effective APR line — then compare that with the other bank's APR.
What is the EMI on 10 lakh for 5 years?
At 12% reducing: about 22,244 a month with 334,667 total interest; at 15%: 23,790 a month.
Is a flat rate the same as APR?
No — a flat rate is roughly half the equivalent APR on a 3–5 year loan; always compare the APR.
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