Loan / EMI Calculator
Calculate monthly loan payments and total interest.
Monthly payment
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Total interest
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Total repaid
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Hover the chart to see the remaining balance at a given point in the loan term.
Estimates from standard formulas — not financial advice. They don't capture every fee, tax, or rate change; check important decisions with a lender, adviser, or accountant. Full disclaimer.
About this tool
Enter a loan amount, an annual interest rate, and a term in years to see the fixed monthly payment, the total interest you'll pay, and the total amount repaid over the life of the loan. The chart shows the balance falling to zero across the term. Results update as you type — there's no calculate button.
How it works. This uses the standard amortizing-loan formula that fixed-rate mortgages, car loans, and most personal loans follow: M = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (the annual rate divided by 12), and n is the total number of monthly payments. The payment M is the same every month; what changes is the split inside it between interest and principal.
Worked example. Borrow $20,000 at 6.5% over 5 years. The monthly rate is 0.065 ÷ 12 and there are 60 payments, which gives a monthly payment of about $391.32. Over 60 payments you hand back roughly $23,479, so the interest cost is about $3,479.
Why early payments barely move the balance. Interest each month is charged on the balance still outstanding. Early on that balance is large, so most of your payment goes to interest and only a little to principal. As the balance shrinks the interest portion shrinks with it, and the principal portion grows. On the example above, the first payment is about $108 interest and $283 principal; the last is about $2 interest and $389 principal.
What this doesn't include. It assumes a fixed rate, a fixed term, and equal payments with nothing extra paid. It doesn't account for origination fees, points, mortgage insurance, property tax or homeowners insurance (which a real mortgage payment often bundles in via escrow), or rate changes on a variable-rate loan. It's an estimate for planning, not financial advice.
To see the full month-by-month breakdown, use the amortization schedule. To model paying several debts down at once, use the debt payoff calculator. The guide to how amortization works walks through the mechanics in more depth.
Frequently asked questions
- What formula is used?
- The standard fixed-rate amortization formula: monthly payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
- What if the interest rate is 0%?
- With a 0% rate the formula would divide by zero, so the calculation simplifies to the loan amount divided evenly across the number of months, with no interest added.
- Does this account for extra payments or fees?
- No. It assumes a fixed rate, a fixed term, and equal monthly payments with no overpayments, fees, or rate changes. Extra payments would clear the loan sooner and cut total interest.
- Why is my lender's payment slightly different?
- Rounding conventions, the exact day count, and any fees rolled into the balance can all shift the figure by a small amount. Some loans also compound semi-annually rather than monthly.
- Is the "total interest" the same as APR?
- No. Total interest is the raw sum of interest paid over the term. APR is an annualized rate that also folds in certain fees, which is why a loan's APR is usually a little above its nominal interest rate.
- Can I use this for a mortgage?
- Yes, for the principal-and-interest portion. A real mortgage payment often also includes property tax and insurance held in escrow, which this doesn't model.