Loan & EMI Calculator
Calculate monthly loan payments, total interest, and amortization. Works for personal loans, car loans, and student loans.
View Amortization Schedule
| Year | Principal | Interest | Balance |
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How the Loan Calculator Works
This calculator uses the standard amortization formula to determine your fixed monthly payment. The formula accounts for the loan principal, annual interest rate, and the total number of monthly payments. All calculations happen instantly in your browser.
Understanding Amortization
In the early years of a loan, most of your payment goes toward interest. As you pay down the principal, more of each payment goes toward reducing your balance. The amortization schedule shows this breakdown year by year.
Tips for Borrowers
Even a small reduction in interest rate can save thousands over the life of a loan. Compare offers from multiple lenders. Consider making extra payments toward the principal to reduce total interest. A shorter loan term means higher monthly payments but significantly less total interest paid.