Loan Calculator
Calculate monthly loan payment, total interest, and full amortization schedule.
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter loan details above to see the schedule. | ||||
This loan calculator estimates your monthly payment, total payment, and total interest for a fixed-rate loan. It also provides a month-by-month amortization schedule in two modes: Equal Monthly Installment (EMI) and Equal Principal.
How Loan Payments Are Calculated
EMI — Fixed Monthly Payment
Each payment is identical: interest on the remaining balance plus enough principal to pay off the loan exactly on schedule. Formula: PMT = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is monthly rate, and n is number of months. Early payments are mostly interest; later payments are mostly principal.
Equal Principal
Each month you repay the same principal amount (P/n), plus interest on the remaining balance. Monthly payments start higher and decrease over time, resulting in less total interest paid compared to EMI. Common in some European and Asian mortgage products.
Disclaimer
This calculator provides estimates for fixed-rate loans only. Actual loan terms, origination fees, prepayment penalties, or variable rates from lenders may differ. Consult a financial professional for official advice.
EMI: PMT = P × [r(1+r)^n] / [(1+r)^n − 1] Equal Principal: payment_i = P/n + (P − (i−1)×P/n) × r Frequently Asked Questions
What is a loan amortization schedule?
An amortization schedule shows each monthly payment broken down into principal and interest, along with the remaining loan balance after each payment.
Does this calculator work for mortgages?
Yes, it works for any fixed-rate loan including mortgages. Use the years toggle and enter the loan amount, annual interest rate, and term in years.
Can I use it for car loans?
Absolutely. Enter the car price minus down payment as the loan amount, the annual interest rate from your financing, and the term in months (e.g., 60 months for a 5-year loan).
What if I make extra payments?
This calculator assumes fixed monthly payments with no extra payments. For extra payment scenarios, you would need a more advanced calculator.
Is the interest rate monthly or annual?
Enter the annual interest rate as a percentage (e.g., 6 for 6%). The calculator converts it to a monthly rate by dividing by 12.
What is the formula for Loan Calculator?
EMI: PMT = P × [r(1+r)^n] / [(1+r)^n − 1]. Equal Principal: monthly principal = P/n, interest = remaining balance × r, where r = annual rate / 12.