Loan / EMI Calculator
Work out monthly payments on a loan or mortgage.
$
%
years
Monthly payment
$400.76
$24,045.54
Total of 60 payments
$4,045.54
Total interest
20.2%
Interest vs. principal
This is an estimate using the standard reducing-balance method. Actual payments may differ based on your lender's specific terms, fees, and rounding conventions.
Why Use Our Loan Calculator?
- Uses the same reducing-balance formula most lenders use
- Instant results as you adjust amount, rate, or term
- Full month-by-month amortization schedule
- Shows total interest as a percentage of principal
- Works for personal loans, auto loans, and mortgages
- Nothing you enter is sent to a server
Related Calculators
View all CalculatorsFrequently Asked Questions
- What formula does this calculator use?
- The standard reducing-balance EMI formula: EMI = [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. This is the method most banks and lenders use for personal loans, car loans, and mortgages.
- Why does more of my payment go toward interest at the start?
- Interest is calculated on the outstanding balance each month, which is highest at the beginning of the loan. As you pay down principal, the balance — and therefore the interest charged on it — decreases, so a growing share of each fixed payment goes toward principal over time.
- Does this account for fees or a variable rate?
- No — this calculates a fixed-rate loan without fees, which covers most personal loans, auto loans, and fixed-rate mortgages. If your loan has an origination fee, PMI, or a variable rate, your actual payment may differ from this estimate. Check with your lender for exact figures.
- Is my financial information sent anywhere?
- No. All calculation happens in your browser — nothing you enter is transmitted or stored.