Loan & EMI Calculator
Monthly payment, total interest and a full amortization schedule for any mortgage, car or personal loan, plus how much extra payments save you.
Assumes a fixed rate with monthly payments. Taxes, insurance and fees are not included.
Remaining balance and yearly payments
Amortization schedule
| Year | Payment | Principal | Interest | Balance |
|---|
How it works
The monthly payment for a fixed-rate loan uses the standard amortization formula:
M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
where P is the amount borrowed, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. Each payment first covers that month’s interest (balance × r); the rest reduces the principal. That’s why early payments are mostly interest.
Extra payments go straight to principal, which shortens the loan and can save a large amount of interest. The calculator shows exactly how much time and money an extra amount saves.
FAQ
What is EMI?
EMI (Equated Monthly Instalment) is the fixed monthly payment that pays off a loan, including interest, over its term. It’s the same as the monthly payment shown here.
Does this include taxes and insurance?
No. Mortgage payments often include property tax, insurance and fees (escrow). Add those separately to estimate your full monthly cost.
Is it better to pay extra each month?
Usually, if your loan has no prepayment penalty and its interest rate is higher than what you could safely earn elsewhere. Check your loan terms.