Loan Calculator
Free loan calculator (EMI). Enter the amount, interest rate and term to see your monthly payment, total interest, total cost and a year-by-year amortization schedule. Runs in your browser.
Amortization by year
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,281.58 | $1,729.81 | $20,718.42 |
| 2 | $4,613.97 | $1,397.42 | $16,104.46 |
| 3 | $4,972.16 | $1,039.22 | $11,132.29 |
| 4 | $5,358.16 | $653.22 | $5,774.13 |
| 5 | $5,774.13 | $237.25 | $0.00 |
Estimates for planning only. Your lender's actual terms, fees, and rounding may differ.
Work out your real loan cost
This free loan calculator shows what a loan actually costs — not just the monthly payment, but the total interest you’ll pay over its life and the total amount repaid. Enter the loan amount, interest rate and term, and the results update instantly. Expand the amortization schedule to see how much of each year goes to principal versus interest.
How to use it
- Enter the loan amount (or drag the slider).
- Set the interest rate (APR) and the term in years.
- Read your monthly payment, total interest, and total paid.
- Open Amortization by year to see the balance fall over time.
Why the total interest matters more than the monthly payment
It’s tempting to shop for the lowest monthly payment — but stretching a loan over more years lowers the payment while increasing the total interest, sometimes dramatically. A longer term can cost thousands more overall. Use the total-interest figure, not just the monthly one, to compare offers honestly.
Buying a home instead?
A mortgage has extra monthly costs — property tax, insurance, and sometimes PMI and HOA fees. Use our mortgage calculator for a full housing-payment estimate. Running a business? Our invoice generator and other tools are all free and private too.
Frequently asked questions
How is the monthly loan payment calculated?
It uses the standard amortization formula: payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. Each payment covers that month's interest first, with the rest reducing the principal — which is why early payments are mostly interest and later ones mostly principal.
What is EMI?
EMI stands for Equated Monthly Instalment — a fixed monthly payment that pays off a loan over a set term. It's the same figure this calculator shows as the monthly payment.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (annual percentage rate) also includes certain lender fees, so it's usually slightly higher and is a better like-for-like comparison between loans. This calculator works from the rate you enter.
Does this work for car loans, personal loans and student loans?
Yes — it works for any fixed-rate amortizing loan: personal, auto, student, or business. For a home loan with taxes and insurance, use our mortgage calculator instead.
Is my information saved or uploaded?
No. The calculation runs entirely in your browser. Nothing you enter is uploaded or stored.