Work out your loan payment and total interest.
Enter the amount, rate and term to see your monthly payment, the full cost of the loan and a payment schedule. Add an extra monthly payment to see how much you could save.
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See how much time and interest paying a little more saves.Monthly payment (EMI)–
Loan amount–
Total interest–
Total payment–
Payoff time–
Principal –
Interest –
How the balance falls
Remaining balanceInterest paid so far
Payment schedule
| Year | Payment | Principal | Interest | Balance |
|---|
Questions people ask
How is the monthly payment (EMI) calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments. If the rate is 0%, the payment is simply the loan amount divided by the number of months.
Does this work for home, car and personal loans?
Yes. It uses the standard reducing-balance method used by most mortgages, car loans and personal loans, where interest is charged each month on the balance still owed. It does not cover flat-rate loans, balloon payments or variable rates.
How does an extra monthly payment help?
Extra money goes straight to the principal, so the balance falls faster and less interest builds up. Enter an amount under “Extra payment each month” to see how many months and how much interest you would save.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is largest at the start. In the first years most of each payment covers interest, and the share going to principal grows as the balance falls. The schedule below shows this month by month.
Are fees, insurance and taxes included?
No. The result covers principal and interest only. Processing fees, insurance, property tax and similar costs come on top, so the real cost of a loan is usually higher. Always check the lender's official quote.
Is my loan information stored anywhere?
No. Everything is calculated in your browser. Only your currency and number-style choices are remembered on this device.