Loan Calculator
Calculate monthly loan payments, total interest, and view a full amortization schedule. Supports different loan terms and compounding options.
Monthly Payment
$1,580.17
Total Payment
$568,861.22
Total Interest
$318,861.22
Principal vs. Interest
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,580.17 | $226.00 | $1,354.17 | $249,774.00 |
| 2 | $1,580.17 | $227.23 | $1,352.94 | $249,546.77 |
| 3 | $1,580.17 | $228.46 | $1,351.71 | $249,318.31 |
| 4 | $1,580.17 | $229.70 | $1,350.47 | $249,088.61 |
| 5 | $1,580.17 | $230.94 | $1,349.23 | $248,857.67 |
| 6 | $1,580.17 | $232.19 | $1,347.98 | $248,625.48 |
| 7 | $1,580.17 | $233.45 | $1,346.72 | $248,392.04 |
| 8 | $1,580.17 | $234.71 | $1,345.46 | $248,157.32 |
| 9 | $1,580.17 | $235.98 | $1,344.19 | $247,921.34 |
| 10 | $1,580.17 | $237.26 | $1,342.91 | $247,684.07 |
| 11 | $1,580.17 | $238.55 | $1,341.62 | $247,445.53 |
| 12 | $1,580.17 | $239.84 | $1,340.33 | $247,205.69 |
About Loan Calculator
This loan calculator computes your monthly payment (EMI), total interest cost, and total amount paid for any fixed-rate loan. Enter your loan amount, annual interest rate, and loan term to get an instant breakdown along with a detailed amortization schedule.
Monthly Payment Calculation
The calculator uses the standard EMI formula to determine your fixed monthly payment. This amount stays the same throughout the loan term, making it easy to budget. The results show your monthly payment, the total of all payments, and how much of that total goes toward interest.
Principal vs. Interest Breakdown
A visual pie chart shows the proportion of your total payments that goes toward the original loan amount (principal) versus interest charges. This gives you a clear picture of the true cost of borrowing and helps you compare different loan scenarios.
Amortization Schedule
The month-by-month amortization table shows exactly how each payment is divided between principal and interest, along with your remaining balance after each payment. You can see how the interest portion decreases over time while the principal portion increases.
Comparing Loan Options
- Try different loan terms to see the impact on monthly payments and total interest
- Adjust the interest rate to compare offers from different lenders
- Change compounding frequency to see how it affects the total cost
- Use the amortization schedule to plan extra payments
All calculations are performed in your browser. No financial data is transmitted or stored anywhere.
Frequently Asked Questions
What is EMI and how is it calculated?
EMI stands for Equated Monthly Installment. It is the fixed payment amount a borrower makes to a lender each month. The formula is: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments.
What is an amortization schedule?
An amortization schedule is a month-by-month table showing how each payment is split between principal and interest. Early payments go mostly toward interest, while later payments go mostly toward reducing the principal balance. The schedule shows the remaining balance after each payment.
How does the loan term affect total interest paid?
A longer loan term means lower monthly payments but significantly more total interest paid over the life of the loan. A shorter term means higher monthly payments but less total interest. Comparing different terms helps you find the right balance between monthly affordability and overall cost.
What is the difference between monthly and annual compounding?
Monthly compounding calculates interest on your balance 12 times per year, while annual compounding calculates it once. Most consumer loans use monthly compounding, which results in slightly higher total interest compared to annual compounding at the same stated rate.
Can I use this for car loans, personal loans, and mortgages?
Yes. This calculator works for any fixed-rate loan with regular monthly payments, including auto loans, personal loans, student loans, and fixed-rate mortgages. Enter your loan amount, interest rate, and term to see the payment breakdown for any loan type.