Loan / EMI Calculator — With Amortization Schedule
See your monthly payment, total interest, and exactly how each year of payments splits between principal and interest.
Monthly payment (EMI)
$396.02
Total interest
$3,761
Total paid
$23,761
Amortization schedule (yearly)
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $3,462 | $1,290 | $16,538 |
| 2 | $3,712 | $1,040 | $12,826 |
| 3 | $3,981 | $772 | $8,845 |
| 4 | $4,268 | $484 | $4,577 |
| 5 | $4,577 | $175 | $0 |
For education only — not financial advice. Lender terms, fees, and rates vary.
Want to understand why early payments are mostly interest? How loan amortization works
Frequently Asked Questions
How is the monthly loan payment (EMI) calculated?▼
It uses the standard amortization formula: P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r the monthly interest rate, and n the number of months. Every payment is the same, but the interest/principal mix inside it changes over time.
Why is most of my early payment interest?▼
Interest is charged on the remaining balance, which is highest at the start. As the balance falls, less of each payment goes to interest and more to principal — the amortization table above shows this flip year by year.
How do extra payments affect my loan?▼
Extra payments go straight to principal, which shrinks the balance that future interest is charged on. Even small extra amounts early in the loan can cut months off the term and save significant interest.
What is the difference between APR and interest rate?▼
The interest rate is the cost of borrowing the principal; APR also includes most fees, making it the better number for comparing offers. This calculator uses the rate you enter as a plain annual rate compounded monthly.
Does this work for car loans, personal loans, and student loans?▼
Yes — any fixed-rate, fixed-term loan with monthly payments follows the same math. It does not model variable rates, interest-only periods, or fees.