Loan calculator
Work out the monthly payment (EMI) on a mortgage, car or personal loan, the total interest and a year-by-year amortization schedule.
- Free
- No sign-up
- No file uploaded
- Windows, Mac, Android, iPhone
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About this tool
Enter the amount, rate and term: you get the monthly payment, the total cost of the loan and how much principal you repay each year. Ideal for comparing offers before you sign.
When to use it
Planning a home purchase
Before viewing homes, check which monthly payment matches your target price, and how it changes over 15, 20 or 30 years.
Comparing two loan offers
Half a point of interest sounds small: the calculator shows what it really costs over the whole term.
Car loan or personal loan (EMI)
The calculation is the same for every fixed-payment loan, known as EMI (equated monthly installment) in many countries.
How to use
- Enter the loan amount.
- Enter the annual rate and the term.
- Read the monthly payment and the schedule.
How it works
The fixed monthly payment uses the formula M = P × r / (1 − (1 + r)^−n), where P is the principal, r the monthly rate (annual rate divided by 12) and n the number of months. Early payments are mostly interest; later ones are mostly principal.
For each year, the schedule adds up the principal repaid and the interest paid, and gives the remaining balance. Everything is computed in your browser: your figures are not sent anywhere.
Tips for best results
- Compare offers on APR, which includes insurance and fees, not just on the nominal rate.
- A shorter term raises the monthly payment but cuts the total interest sharply.
- Lenders often cap housing payments at around a third of net income.
- A down payment reduces the amount borrowed, so both the payment and the interest.
- Keep a buffer: taxes, insurance and maintenance come on top of the payment.
Common problems and fixes
My lender quotes a different payment
It probably includes loan insurance, property taxes (escrow) or fees. Add those monthly costs to the result.
No result is shown
Check that the rate is between 0 and 100 and the term is at least one month. Use a dot or comma for decimals.
My loan has a variable rate
The calculation assumes a fixed rate. For a variable rate, run it again with the highest possible rate (the cap).
Frequently asked questions
What is the monthly payment formula?
M = P × r / (1 − (1 + r)^−n), where r is the annual rate divided by 12 and n the number of months.
What does EMI mean?
Equated Monthly Installment: the fixed monthly payment of a loan. That is exactly what this tool calculates.
Is insurance included?
No. Add its monthly cost to the payment shown to get your real monthly outlay.
Can I calculate a zero-interest loan?
Yes: enter 0%. The payment is then the principal divided by the number of months.
Related searches
Still stuck?
Ask on the forum: the category, the tool, your device sheet and the test result will be filled in for you.