About Loan Calculator
What It Does
This calculator computes monthly loan payments using the standard amortization formula. Enter a loan amount, interest rate, and term to instantly see your monthly payment, total interest cost, and a complete payment schedule showing how each payment splits between principal and interest.
Extra Payments
Add an optional extra monthly payment to see how it affects your loan. The calculator shows how much interest you save and how many months earlier you pay off the loan compared to the standard schedule.
Amortization Schedule
The full amortization table breaks down every payment into its principal and interest components, with a running balance. Switch between monthly and yearly views. The monthly view shows all individual payments; the yearly view aggregates by year for a higher-level overview.
How the Math Works
Monthly payment (EMI) is calculated as:
EMI = P × r × (1+r)n / ((1+r)n − 1)
Where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. This is the standard fixed-rate amortization formula used by banks and mortgage lenders worldwide.
Use Cases
- Mortgages — compare 15 vs 30 year terms, see the impact of different rates
- Car loans — calculate monthly payments for vehicle financing
- Student loans — plan repayment and see the total cost of borrowing
- Personal loans — evaluate loan offers from different lenders
- Extra payments — see how paying extra each month saves interest and shortens the term
Disclaimer
This calculator is for informational purposes only and should not replace professional financial advice. Actual loan terms, fees, insurance, taxes, and other costs may affect your total payment. Consult a financial advisor or lender for specific loan decisions.
Privacy
Everything runs in your browser. No financial data is sent to any server.