Loan Calculator
Monthly EMI, full amortization schedule and savings from extra payments.
Monthly payment
0
- Total interest
- Total paid
- Payoff date
Amortization schedule
| Year | Payment | Principal | Interest | Balance |
|---|
Monthly EMI, full amortization schedule and savings from extra payments.
| Year | Payment | Principal | Interest | Balance |
|---|
Monthly payment on a fixed-rate loan is found with the standard amortization formula: payment = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the amount borrowed, r is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. Early payments are mostly interest, and the share going to principal grows over time. Adding even a small extra payment each month shortens the loan and cuts total interest, which the savings box shows.
A longer term lowers the monthly payment but increases the total interest you pay. Compare two terms by changing the years. Even a small extra payment each month reduces interest and shortens the loan. Before you borrow, also ask the lender about fees and whether early repayment is penalized.
No. It covers principal and interest only. Fees, insurance and property taxes are extra.
Interest is charged on the remaining balance, which is largest at the start.