Estimate your monthly payment (EMI), total interest and a full amortization schedule for any loan.
Amortization schedule
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How to use the Loan Calculator
- Enter the loan amount, the annual interest rate and the term in years (or months).
- Your monthly payment, total interest and total repayment appear instantly.
- Expand the amortization schedule to see how each payment splits between interest and principal.
About this tool
This calculator uses the standard fixed-rate, fully amortizing loan formula that banks use for mortgages, car loans and personal loans:
Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
where P is the principal, r is the monthly interest rate (annual rate ÷ 12) and n is the total number of monthly payments. In many countries this monthly figure is called the EMI (Equated Monthly Instalment).
Results are estimates. Lenders may add fees, insurance, or use daily compounding, which changes the real figure slightly.
Frequently asked questions
What is EMI?
EMI stands for Equated Monthly Instalment — the fixed amount you pay every month so that the loan is fully repaid, with interest, by the end of the term.
Does paying extra each month reduce total interest?
Yes. Any extra payment goes straight to principal, which lowers the interest charged in every later month and shortens the loan. Use the “extra monthly payment” field to see the effect.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest portion shrinks and more of each payment goes to principal.
Can I use this for a mortgage?
Yes, for the principal-and-interest part. Property taxes, insurance and HOA fees are not included.