Loan Calculator
Calculate your monthly loan payment (EMI), total interest, and full amortization schedule. Works for personal loans, car loans, student loans, and more.
| Term | Monthly EMI | Total Interest | Total Cost |
|---|
| Period | EMI | Principal | Interest | Balance |
|---|
How to Use the Loan Calculator
Our loan calculator helps you understand the true cost of any loan before you sign. Enter the loan amount, annual interest rate, and loan term to get your monthly EMI instantly. You can also add extra monthly payments to see how much interest you can save. For home loans specifically, check our mortgage calculator. To compare investment growth alongside loan costs, try our compound interest calculator.
📐 EMI Formula Explained
The standard EMI formula is:
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of monthly payments
Example: $25,000 at 8.5% for 60 months → EMI = $513/month
💡 Tips to Save on Loan Interest
- Shop around: Compare rates from multiple lenders — even 0.5% difference saves hundreds
- Improve credit score: Higher credit score = lower interest rate
- Make extra payments: Extra $100/month can save $1,000+ in interest
- Shorter term: 36-month loan costs less total interest than 60-month
- Prepay when possible: Reduces outstanding principal faster
- Avoid fees: Watch for origination fees and prepayment penalties
🏦 Types of Loans
- Personal Loan: Unsecured, 6%–36% APR, flexible use
- Auto Loan: Secured by vehicle, 4%–20% APR, 24–84 months
- Student Loan: Federal (4%–8%) or private (4%–15%)
- Home Equity: Secured by home, lower rates, 5–30 years
- Business Loan: SBA loans from 6%, up to $5M
- Payday Loan: Very high APR (300%+) — avoid if possible
For home loans, use our dedicated mortgage calculator. For car purchases, try the auto loan calculator.
📊 Understanding Amortization
In the early months of a loan, most of your EMI goes toward interest. As you pay down the principal, more of each payment goes toward the loan balance. This is called amortization.
For example, on a $25,000 loan at 8.5% for 60 months:
- Month 1: ~$177 principal, ~$177 interest
- Month 30: ~$223 principal, ~$131 interest
- Month 60: ~$309 principal, ~$44 interest
Use the amortization schedule above to see exactly how your payments are applied each month. You can also export it to CSV for your own records.