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Loan Calculator

Monthly EMI, full amortization schedule and savings from extra payments.

Monthly payment
0
Total interest
Total paid
Payoff date

Amortization schedule

YearPaymentPrincipalInterestBalance

About this loan calculator

Monthly payment on a fixed-rate loan is found with the standard amortization formula: payment = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the amount borrowed, r is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. Early payments are mostly interest, and the share going to principal grows over time. Adding even a small extra payment each month shortens the loan and cuts total interest, which the savings box shows.

How to use it

  1. Enter the loan amount, annual interest rate and term.
  2. Optionally add an extra monthly payment.
  3. Read the payment, payoff date and the full schedule, or download it as CSV.

Frequently asked questions

Does the result include fees or insurance?

No. It covers principal and interest only. Fees, insurance and property taxes are extra.

Why is the first-year interest so high?

Interest is charged on the remaining balance, which is largest at the start.