Loan / EMI calculator
Work out the monthly payment on a fixed-rate loan, what it costs in interest, when it's paid off, and how much extra payments save.
- 100% free
- Runs in your browser
- No uploads
Monthly payment
Enter the loan amount, rate and term to see the payment.
- Runs on your deviceEvery tool works directly in your browser. No files are uploaded.
- Your privacy mattersYour files never leave your device, so there's nothing for us to store.
- No limitsUse any tool as much as you need. No daily caps, no waiting.
- Completely freeNo signup and no trial to cancel. Ads keep the tools free.
How to use the loan calculator
- Enter the loan amount, yearly interest rate and term. Switch the term between years and months.
- Add an extra monthly payment if you plan one. The calculator shows how much sooner the loan ends and how much interest you save.
- Check the schedule. Each year shows what you paid, how much went to principal and interest, and the balance left. Open a year to see its months, or download the whole schedule as a CSV file for a spreadsheet.
The loan payment formula
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly rate (the yearly rate ÷ 12 ÷ 100) and n is the number of payments. At 0% the payment is P ÷ n.
Each month, interest is the balance × r. The rest of the payment reduces the balance. Early on most of the payment is interest; by the end almost all of it is principal. The calculator works in whole cents: the payment and each month's interest are rounded to the nearest cent, and the final payment clears whatever is left, so the balance ends at exactly $0.00.
Worked examples
30-year mortgage. $200,000 at 6%: r = 0.06 ÷ 12 = 0.005 and n = 360. (1.005)^360 is about 6.0226, so the payment is 200,000 × 0.005 × 6.0226 ÷ 5.0226 = $1,199.10. In the first month, interest is 200,000 × 0.005 = $1,000.00 and $199.10 goes to the balance. Over 30 years you pay $231,677.04 in interest.
Car loan. $25,000 at 7.5% over 5 years is $500.95 a month, with $5,056.96 interest in total.
Paying extra. The same $200,000 mortgage with $200 extra each month is paid off after 252 payments, 9 years early, and costs $151,876.18 in interest instead of $231,677.04.
Before you borrow
Compare the APR, not just the rate. The APR includes most fees, so two loans with the same rate can cost different amounts.
A longer term costs more. Stretching a loan lowers the payment but adds interest. The car loan above over 7 years instead of 5 drops to $383.46 a month, but the interest rises to $7,210.24.
These figures are estimates for a fixed rate with no fees. Your lender's offer is the figure to rely on; this is not financial advice.
Frequently asked questions
How is the monthly payment worked out?
With the standard amortization (EMI) formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the yearly rate divided by 12, and n is the number of monthly payments. For $200,000 at 6% over 30 years that is $1,199.10 a month.
Why is the last payment slightly different?
The payment is rounded to the nearest cent, and so is each month's interest. Those fractions of a cent add up over the years, so the last payment is adjusted to clear exactly what's left. On a $200,000, 30-year loan at 6% the last payment is $1,200.14 instead of $1,199.10.
How much do extra payments save?
Every extra dollar goes straight to the principal, so the next month's interest is lower and the loan ends sooner. Adding $200 a month to a $200,000 loan at 6% over 30 years pays it off in 21 years and saves $79,800.86 in interest. Check first that your lender allows overpayments without a fee.
Does the payment include taxes, insurance or fees?
No. It's principal and interest only. Mortgage payments often also include property tax, home insurance and mortgage insurance, and many loans have setup fees, so your lender's figure may be higher.
What does a 0% loan look like?
Without interest, the payment is just the amount divided by the number of months. $12,000 over 24 months is $500 a month, and the total paid is exactly $12,000.