Loan Calculator
This free loan calculator works as a payment calculator and amortization calculator for any loan. Find your monthly payment, total interest, and a full month-by-month schedule for car loans, auto loans, personal loans, and mortgages. Everything updates instantly as you change the amount, rate, or term.
Sample monthly payments by loan amount
Quick reference for common loan amounts at typical interest rates. Calculate your exact figure above.
| Loan amount | 5 years @ 8% | 10 years @ 8% | 20 years @ 8% | 30 years @ 8% |
|---|---|---|---|---|
| $10,000 | $203 | $121 | $84 | $73 |
| $25,000 | $507 | $303 | $209 | $183 |
| $50,000 | $1,014 | $607 | $418 | $367 |
| $100,000 | $2,028 | $1,213 | $836 | $734 |
| $200,000 | $4,055 | $2,426 | $1,672 | $1,468 |
| $300,000 | $6,083 | $3,640 | $2,509 | $2,201 |
| $500,000 | $10,138 | $6,066 | $4,182 | $3,669 |
What this calculator includes
Monthly EMI shown
See your exact monthly payment based on amount, rate, and term.
Total interest paid
Know how much of your money goes to interest vs principal over the life of the loan.
Full amortization
Month-by-month breakdown showing principal, interest, and remaining balance.
All loan types
Works for mortgages, car loans, personal loans, and student loans.
Updates instantly
Change any input and watch the EMI and total cost recalculate live.
Private and secure
No data sent to any server. Your loan figures stay in your browser.
When you need a loan calculator
Mortgage planning
See how much house you can afford by adjusting price, down payment, and rate. Compare 15-year and 30-year terms.
Car loan comparison
Compare different lenders and terms. Find out exactly how much extra you pay choosing a 7-year loan over a 5-year one.
Personal loan decisions
Decide if a consolidation loan makes sense. Compare your existing debts to a single loan payment.
Refinance analysis
Calculate the savings from refinancing to a lower rate. See break-even date for closing costs.
Student loan repayment
Plan your repayment schedule. Find out if a 10-year or 20-year repayment term suits your salary.
Business loan budgeting
Add EMI cost to your business cash flow projections. Avoid surprises by knowing exact monthly cost upfront.
How loan math works
What this loan calculator does
A loan calculator takes three inputs, the amount you borrow, the annual interest rate, and the term in years, and turns them into a single monthly payment plus a full amortization schedule. Our tool works as a general payment calculator and finance calculator, so you can use the same screen as a car loan calculator, an auto loan calculator, a personal loan calculator, or a mortgage calculator. The math behind every loan type is identical. Only the typical amounts, rates, and terms change.
The loan payment formula (PMT)
The monthly payment is sometimes called the EMI, short for Equated Monthly Installment. It is the same value spreadsheets return from the PMT function. The formula is: payment equals P times r, times (1 + r) raised to n, divided by (1 + r) raised to n minus 1. P is the principal (the loan amount), r is the monthly interest rate (the annual rate divided by 12, then by 100), and n is the total number of months. The formula keeps every payment the same size while still accounting for a balance that shrinks each month, which is why an amortization calculator and a loan payment calculator give the same answer.
How amortization works
Each payment is split into two parts: interest charged on the current balance, and principal that reduces that balance. Early in the loan the balance is high, so most of your payment goes to interest. As you pay the principal down, the interest portion shrinks and the principal portion grows. By the final payment, almost the entire amount is principal. The amortization schedule in this calculator lists every month so you can see exactly when that crossover happens.
How to read an amortization schedule
An amortization schedule has one row per payment, and four useful numbers in each row: the payment amount, the interest portion, the principal portion, and the remaining balance. Scan the interest column from top to bottom and you will watch it fall steadily. The remaining balance column tells you what you would owe if you paid the loan off in that month, which is handy when planning a sale, a refinance, or an early payoff. The final row should always show a remaining balance of zero.
Using it as a car loan and auto loan calculator
For a car loan or auto loan, enter the amount you finance after your down payment and trade-in, not the full sticker price. Auto loan terms usually run 3 to 7 years, and rates depend heavily on your credit score and whether the car is new or used. Use this car loan payment calculator to compare a 5-year loan against a 7-year loan: the longer term lowers the monthly payment but raises total interest, and on a fast-depreciating vehicle a long term can leave you owing more than the car is worth.
Using it as a mortgage and home loan calculator
As a mortgage calculator or home loan calculator, enter the loan amount (the home price minus your down payment), the rate your lender quoted, and the term, usually 15 or 30 years. This online mortgage calculator shows the principal and interest portion of your payment. Remember that a real mortgage payment also includes property taxes, homeowners insurance, and sometimes private mortgage insurance or HOA dues, so budget a cushion above the figure shown here.
Using it as a personal loan calculator
Personal loans are typically unsecured, with terms of 2 to 7 years and rates that vary widely by credit profile. The personal loan calculator is useful for debt consolidation: total up the payments on the cards or loans you want to combine, then compare that to a single payment here. If the new payment is lower and the term is not dramatically longer, consolidation can save real money and simplify your budget.
What affects your monthly payment
Three things move the monthly payment. A larger loan amount raises it directly. A higher interest rate raises both the payment and the total interest. A longer term lowers the payment but increases total interest because you are borrowing for more months. The fastest ways to lower a monthly payment are to borrow less (a bigger down payment), secure a lower rate (better credit or a different lender), or stretch the term, though the last option costs more overall.
Why a longer term costs more total
A longer term means more months of interest charges. Compare a $200,000 mortgage at 7%. Over 15 years the payment is $1,798 and total interest paid is $123,646. Over 30 years the payment drops to $1,331, which is much easier to afford, but total interest climbs to $279,019. You pay more than double the interest for the comfort of a smaller monthly payment.
The impact of even small rate changes
Interest compounds over time, so small rate differences add up. For a $300,000 mortgage over 30 years: at 6.5% the total interest is $382,633, and at 7.5% it jumps to $454,772. That is a $72,139 difference from just one percentage point. It pays to shop multiple lenders and compare quotes in this calculator before you commit.
When to make extra principal payments
Extra payments toward the principal go straight to reducing the loan balance, which removes future interest. On a 30-year mortgage, one extra payment per year can cut 4 to 6 years off the loan and save tens of thousands in interest. Even rounding your payment up to the nearest $50 makes a noticeable difference over decades. Before paying ahead, check your loan agreement for prepayment penalties.
EMI = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the principal, r is the monthly interest rate (annual rate divided by 12 then by 100), and n is the total number of months. Our calculator handles this formula automatically.
An amortization schedule shows how each monthly payment is split between principal and interest. Early in the loan, most of each payment goes to interest. Over time, more goes to principal as the balance shrinks.
$100,000 at 8% annual interest over 5 years (60 months) gives an EMI of approximately $2,028 per month. Total interest paid is about $21,659, and total amount paid is $121,659.
A higher interest rate means a higher monthly payment and more total interest over the loan term. For a $200,000 loan over 30 years: at 4% the EMI is $955; at 6% it is $1,199; at 8% it is $1,468. Small rate differences add up significantly over decades.
A longer term means smaller monthly payments but much more total interest. A 15-year loan has higher payments than a 30-year loan, but you save tens of thousands in interest. Choose the shortest term where the payment fits your budget.
Usually yes. Most loans allow extra principal payments without penalty. Even one extra payment per year on a 30-year mortgage can save thousands in interest and cut years off the loan. Check your loan terms for prepayment penalties.
Fixed-rate loans have the same interest rate for the entire loan. Your EMI never changes. Adjustable-rate loans (ARM) have rates that change periodically based on market conditions. Initial rates are often lower, but they can rise. Our calculator assumes a fixed rate.
Principal is the amount you borrowed. Interest is what the lender charges for letting you use that money. Each monthly payment includes both. Early payments are mostly interest. Later payments are mostly principal.
Use the same formula. Car loans typically run 3 to 7 years with rates between 4% and 12% depending on credit score. A $25,000 car loan at 6% for 5 years gives an EMI of about $483 per month.
If you can comfortably afford a shorter term, take it. You will pay much less total interest. If a shorter term would strain your budget, the longer term provides safety. Many people choose 30-year mortgages for the flexibility and use extra payments when possible.
Yes. Enter the amount you finance after any down payment and trade-in, the rate your lender quoted, and the term in years. Auto loans usually run 3 to 7 years. The same screen also works as a car loan payment calculator when you compare different terms side by side.
Yes. Enter the home price minus your down payment as the loan amount, your rate, and a 15-year or 30-year term. This online mortgage calculator shows the principal and interest portion of the payment. Add property taxes, homeowners insurance, and any PMI separately to estimate your full monthly housing cost.
No, the math is the same. Both use the standard amortization formula for the monthly payment. The practical differences are typical terms and rates: car loans are secured by the vehicle and often run 3 to 7 years, while personal loans are usually unsecured with terms of 2 to 7 years and somewhat higher rates.
There are three main levers. Borrow less by making a larger down payment, secure a lower interest rate through better credit or a different lender, or choose a longer term. A longer term lowers the payment but increases total interest, so use it carefully.
An amortization calculator breaks every payment into its interest and principal parts and tracks the remaining balance month by month. It shows how early payments are mostly interest while later payments are mostly principal. The final row of the schedule always reaches a zero balance.
Yes, it is completely free with no sign-up. It runs entirely in your browser, so your loan amounts and rates are never sent to a server. You can use it as often as you like as a payment calculator, finance calculator, or amortization calculator.