Loan / EMI Calculator
Find your monthly payment, total interest and full payoff schedule for any loan — instantly and privately in your browser.
= 60 months total
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | $3,425 | $1,384 | $16,575 |
| 2 | $3,691 | $1,118 | $12,884 |
| 3 | $3,978 | $831 | $8,906 |
| 4 | $4,287 | $523 | $4,619 |
| 5 | $4,619 | $190 | $0 |
How to use this loan calculator
- Enter the loan amount. How much you plan to borrow.
- Set the interest rate. The annual rate your lender quotes.
- Choose the term. How many years to repay.
- Read your results. Monthly payment, total interest and a year-by-year breakdown update instantly.
Understanding your results
Your monthly payment (EMI) stays the same every month for a fixed-rate loan, but its make-up changes: early on, most of it is interest; later, most goes to paying down the principal. The total interest is everything you pay on top of the amount borrowed, and the total to repay is principal plus interest. Try shortening the term to see how much interest you can save.
Frequently asked questions
How is my monthly payment (EMI) calculated?
It uses the standard EMI formula: 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 months. Everything is computed in your browser.
Is my data sent anywhere?
No. The calculation runs entirely on your device — none of your numbers are uploaded, stored or shared.
What is the difference between principal and interest?
Principal is the amount you borrowed. Interest is the extra you pay the lender for borrowing. Early payments go mostly to interest; later ones mostly to principal.
Does this work for home, car and personal loans?
Yes. The EMI formula is the same for most fixed-rate loans — home, car, personal or student — as long as the rate and term are fixed.
Why does total interest change so much with the term?
A longer term lowers each monthly payment but means you pay interest for more months, so the total interest rises. A shorter term costs more per month but less overall.