Loans & Mortgages
Loan & EMI Calculator
Work out the fixed monthly payment on a personal, student or business loan, the total interest it costs, and how much faster it clears if you overpay.
Monthly payment (EMI)
$525.05
- Total interest
- $6,503
- Total repaid
- $31,503
- Payoff time
- 5 yr
- Interest saved by overpaying
- $0
Add an extra payment to see this
Principal vs interest
- Principal — 79%
- Interest — 21%
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $4,101 | $2,199 | $20,899 |
| 2 | $4,508 | $1,792 | $16,391 |
| 3 | $4,956 | $1,345 | $11,435 |
| 4 | $5,447 | $853 | $5,988 |
| 5 | $5,988 | $313 | $0 |
The formula behind the payment
For a loan of P at monthly rate r over n payments, the instalment is P × r ÷ (1 − (1 + r)^−n). Every payment is identical, but its composition is not: the interest portion is the current balance times r, and everything else reduces the balance.
Total interest therefore depends on how long the balance stays large. Doubling the term roughly doubles interest even at the same rate. Overpayments work in the opposite direction — they permanently remove principal, so all the future interest that principal would have generated disappears with it.
The calculation excludes origination or documentation fees, late charges and insurance products sold alongside the loan. Compare lenders on APR to capture those.
Frequently asked questions
What is an EMI?
An equated monthly instalment — the fixed amount you pay each month on an amortizing loan. It covers that month's interest first, and the remainder reduces the balance.
Does a longer term make a loan cheaper?
It lowers the monthly payment but raises total interest, because the balance stays high for longer. Compare both figures before choosing a term.
Are origination fees included?
No. Enter the amount you actually receive, then compare offers on APR, which folds fees into the rate.
Can I model overpayments?
Yes — the extra monthly payment field applies straight to principal and the schedule shortens accordingly.