Free Loan & EMI Calculator
Enter a loan amount, rate, and term to see your monthly payment, total interest, and full amortization schedule.
Amortization schedule (60 payments)
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $500.95 | $344.70 | $156.25 | $24,655.30 |
| 2 | $500.95 | $346.85 | $154.10 | $24,308.45 |
| 3 | $500.95 | $349.02 | $151.93 | $23,959.43 |
| 4 | $500.95 | $351.20 | $149.75 | $23,608.22 |
| 5 | $500.95 | $353.40 | $147.55 | $23,254.83 |
| 6 | $500.95 | $355.61 | $145.34 | $22,899.22 |
| 7 | $500.95 | $357.83 | $143.12 | $22,541.39 |
| 8 | $500.95 | $360.07 | $140.88 | $22,181.33 |
| 9 | $500.95 | $362.32 | $138.63 | $21,819.01 |
| 10 | $500.95 | $364.58 | $136.37 | $21,454.43 |
| 11 | $500.95 | $366.86 | $134.09 | $21,087.57 |
| 12 | $500.95 | $369.15 | $131.80 | $20,718.42 |
How to use / FAQ
How is the monthly payment calculated?
It uses the standard amortizing-loan (EMI) formula: the payment is the loan amount times the monthly rate, divided by one minus (one plus the monthly rate) to the power of minus the number of months. The monthly rate is the annual rate divided by twelve. Every payment is the same size, but early payments are mostly interest and later ones are mostly principal. Buying a home? The mortgage calculator adds down-payment and extra-payment scenarios.
What is an amortization schedule?
It's the payment-by-payment breakdown of the loan. Each row shows how much of that month's payment went to interest, how much reduced the balance, and what you still owe afterward. It's why the total interest is highest at the start, when the balance — and therefore the interest charged — is largest.
Does this work for a 0% loan?
Yes. With a 0% rate the payment is simply the loan amount divided by the number of months, and every payment reduces the principal by the same amount with no interest.
Is my information saved anywhere?
No. The entire calculation runs in your browser and nothing is uploaded or stored. You can refresh the page to clear everything.