Use this loan calculator to find your monthly payment (EMI), total interest and payoff date for any fixed-rate loan. Add fees to estimate the APR, test extra payments, and view or download the full amortization schedule.
Monthly payment & schedule
Monthly payment (EMI)
5 years term$495.03
$495.03 a month for 60 payments repays $25,000.00 with $4,701.82 of interest.
Add an extra monthly amount or a one-time lump sum to compare payoff time and interest.
What you still owe after each payment.
60 payments. Each row shows how the payment splits between principal and interest.
| Payment # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $495.03 | $349.20 | $145.83 | $24,650.80 |
| 2 | $495.03 | $351.23 | $143.80 | $24,299.57 |
| 3 | $495.03 | $353.28 | $141.75 | $23,946.29 |
| 4 | $495.03 | $355.34 | $139.69 | $23,590.95 |
| 5 | $495.03 | $357.42 | $137.61 | $23,233.53 |
| 6 | $495.03 | $359.50 | $135.53 | $22,874.03 |
| 7 | $495.03 | $361.60 | $133.43 | $22,512.43 |
| 8 | $495.03 | $363.71 | $131.32 | $22,148.72 |
| 9 | $495.03 | $365.83 | $129.20 | $21,782.89 |
| 10 | $495.03 | $367.96 | $127.07 | $21,414.93 |
| 11 | $495.03 | $370.11 | $124.92 | $21,044.82 |
| 12 | $495.03 | $372.27 | $122.76 | $20,672.55 |
| 13 | $495.03 | $374.44 | $120.59 | $20,298.11 |
| 14 | $495.03 | $376.62 | $118.41 | $19,921.49 |
| 15 | $495.03 | $378.82 | $116.21 | $19,542.67 |
| 16 | $495.03 | $381.03 | $114.00 | $19,161.64 |
| 17 | $495.03 | $383.25 | $111.78 | $18,778.39 |
| 18 | $495.03 | $385.49 | $109.54 | $18,392.90 |
| 19 | $495.03 | $387.74 | $107.29 | $18,005.16 |
| 20 | $495.03 | $390.00 | $105.03 | $17,615.16 |
| 21 | $495.03 | $392.27 | $102.76 | $17,222.89 |
| 22 | $495.03 | $394.56 | $100.47 | $16,828.33 |
| 23 | $495.03 | $396.86 | $98.17 | $16,431.47 |
| 24 | $495.03 | $399.18 | $95.85 | $16,032.29 |
| 25 | $495.03 | $401.51 | $93.52 | $15,630.78 |
| 26 | $495.03 | $403.85 | $91.18 | $15,226.93 |
| 27 | $495.03 | $406.21 | $88.82 | $14,820.72 |
| 28 | $495.03 | $408.58 | $86.45 | $14,412.14 |
| 29 | $495.03 | $410.96 | $84.07 | $14,001.18 |
| 30 | $495.03 | $413.36 | $81.67 | $13,587.82 |
| 31 | $495.03 | $415.77 | $79.26 | $13,172.05 |
| 32 | $495.03 | $418.19 | $76.84 | $12,753.86 |
| 33 | $495.03 | $420.63 | $74.40 | $12,333.23 |
| 34 | $495.03 | $423.09 | $71.94 | $11,910.14 |
| 35 | $495.03 | $425.55 | $69.48 | $11,484.59 |
| 36 | $495.03 | $428.04 | $66.99 | $11,056.55 |
| 37 | $495.03 | $430.53 | $64.50 | $10,626.02 |
| 38 | $495.03 | $433.04 | $61.99 | $10,192.98 |
| 39 | $495.03 | $435.57 | $59.46 | $9,757.41 |
| 40 | $495.03 | $438.11 | $56.92 | $9,319.30 |
| 41 | $495.03 | $440.67 | $54.36 | $8,878.63 |
| 42 | $495.03 | $443.24 | $51.79 | $8,435.39 |
| 43 | $495.03 | $445.82 | $49.21 | $7,989.57 |
| 44 | $495.03 | $448.42 | $46.61 | $7,541.15 |
| 45 | $495.03 | $451.04 | $43.99 | $7,090.11 |
| 46 | $495.03 | $453.67 | $41.36 | $6,636.44 |
| 47 | $495.03 | $456.32 | $38.71 | $6,180.12 |
| 48 | $495.03 | $458.98 | $36.05 | $5,721.14 |
| 49 | $495.03 | $461.66 | $33.37 | $5,259.48 |
| 50 | $495.03 | $464.35 | $30.68 | $4,795.13 |
| 51 | $495.03 | $467.06 | $27.97 | $4,328.07 |
| 52 | $495.03 | $469.78 | $25.25 | $3,858.29 |
| 53 | $495.03 | $472.52 | $22.51 | $3,385.77 |
| 54 | $495.03 | $475.28 | $19.75 | $2,910.49 |
| 55 | $495.03 | $478.05 | $16.98 | $2,432.44 |
| 56 | $495.03 | $480.84 | $14.19 | $1,951.60 |
| 57 | $495.03 | $483.65 | $11.38 | $1,467.95 |
| 58 | $495.03 | $486.47 | $8.56 | $981.48 |
| 59 | $495.03 | $489.30 | $5.73 | $492.18 |
| 60 | $495.05 | $492.18 | $2.87 | $0.00 |
| Total | $29,701.82 | $25,000.00 | $4,701.82 |
Guide
Enter the basics for an instant monthly payment, then use the optional fields to see the real cost of the loan.
Pick USD, CAD, GBP, EUR or PKR. It changes formatting only; no exchange rates are applied.
Type the amount you want to borrow, the annual interest rate from the loan offer, and the term in years and months.
The payment (EMI), total of payments, total interest and payoff time update as you type. Show steps explains the working.
Open Fees & extra payments to estimate the APR, or to see how an extra monthly amount or a lump sum changes the payoff date and interest.
Switch the chart between balance and principal vs interest, browse the monthly or yearly schedule, copy the summary, or download the schedule as a CSV file.
A fixed-rate installment loan is repaid with equal monthly payments. One formula gives that payment.
Monthly payment (EMI)
Payment = P × r ÷ (1 − (1 + r)^−n)
Example: $100,000 at 6% for 60 months: 100,000 × 0.005 ÷ (1 − 1.005^−60) ≈ $1,933.28
The formula finds the payment whose stream of 60 (or n) payments is worth exactly the amount borrowed once interest is taken into account. Use the monthly rate as a decimal: 6% a year is 0.06 ÷ 12 = 0.005 a month. Once you have the payment, two more figures follow:
Rs 500,000 borrowed at 15% a year for 3 years:
15% ÷ 12 = 1.25% = 0.01253 × 12 = 361.0125^36 ≈ 1.5639, so 1.0125^−36 ≈ 0.6394500,000 × 0.0125 ÷ (1 − 0.6394) ≈ Rs 17,332.66Rs 623,976.00 − Rs 500,000 = Rs 123,976.00An amortization schedule lists every payment and shows how much of it pays interest and how much reduces the balance.
Each month the lender works out the schedule in three steps:
Here is the start and end of the schedule for $100,000 at 6% over 60 months:
| Payment # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,933.28 | $1,433.28 | $500.00 | $98,566.72 |
| 2 | $1,933.28 | $1,440.45 | $492.83 | $97,126.27 |
| 3 | $1,933.28 | $1,447.65 | $485.63 | $95,678.62 |
| … | … | … | … | … |
| 59 | $1,933.28 | $1,914.09 | $19.19 | $1,923.70 |
| 60 | $1,933.32 | $1,923.70 | $9.62 | $0.00 |
Notice how the interest part falls from $500.00 in month 1 to $9.62 in month 60 while the payment stays the same. That is why paying extra early in a loan saves the most interest. The final payment is a few cents higher because it clears the balance left by rounding.
Any amount paid above the scheduled payment goes straight to principal, so every later month charges interest on a smaller balance.
Extra $100 every month
$939.02 saved
$25,000 at 7% for 5 years: paid off in 49 payments instead of 60.
One $2,000 lump sum in month 12
$611.09 saved
Same loan: paid off in 55 payments instead of 60.
Before prepaying a low-rate loan, compare the interest you would save with what the same money could earn elsewhere, for example in a CD Calculator or a savings account.
Stretching a loan over more years lowers the payment but raises the total cost. Here is a $25,000 loan at 7%:
| Term | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| 3 years | $771.93 | $2,789.42 | $27,789.42 |
| 4 years | $598.66 | $3,735.45 | $28,735.45 |
| 5 years | $495.03 | $4,701.82 | $29,701.82 |
| 6 years | $426.23 | $5,688.17 | $30,688.17 |
| 7 years | $377.32 | $6,694.46 | $31,694.46 |
Going from 3 to 7 years cuts the payment by $394.61 a month but adds $3,905.04 of interest. A longer term can also come with a higher rate, which widens the gap further. A useful habit: choose the term by the total cost you are willing to pay, then check that the monthly payment fits your budget, not the other way round.
The interest rate and the APR are both percentages, but they measure different things.
Interest rate
Cost of borrowing the principal
The annual nominal rate used to charge interest on the balance. It sets your monthly payment. This calculator’s rate field expects this number.
APR (annual percentage rate)
Interest + certain fees, as one yearly rate
Spreads finance charges such as origination fees over the loan term. Because of fees, the APR is usually higher than the interest rate, which makes it the better number for comparing offers.
In the US, the Consumer Financial Protection Bureau describes the APR as the interest rate plus other charges such as lender fees. When you enter fees, this calculator estimates the APR with the actuarial method described in Regulation Z, Appendix J: it finds the yearly rate at which your payments are worth exactly the cash you receive.
Example: a $15,000 loan at 11.5% for 3 years costs $494.64 a month. If a $450 fee is deducted up front, you receive $14,550 but repay the same amount, so the APR is about 13.63%. A lender’s official APR can include other charges and is the figure to rely on when you compare offers.
Realistic loans in different currencies. Select “Try this example” to load any of them into the calculator above.
Car buyers
You borrow $28,000 at 6.9% for 5 years to buy a car.
6.9% ÷ 12 = 0.575%, 60 payments$28,000 × 0.00575 ÷ (1 − 1.00575^−60) ≈ $553.11$5,186.91About $553.11 a month, $33,186.91 in total.
Personal loans
A $15,000 personal loan at 11.5% for 3 years comes with a $450 fee taken at the start.
$494.64 a month for 36 months$15,000 − $450 = $14,550≈ 13.63% APR$494.64 a month; the fee lifts the effective cost to about 13.63% APR.
Paying off faster
On a $25,000 loan at 7% for 5 years, you pay an extra $100 toward principal every month.
$495.03; total interest without extra: $4,701.8249 payments$3,762.80Paid off 11 months sooner, saving $939.02 of interest.
Home improvement (UK)
You borrow £10,000 at 8.4% over 4 years for a new kitchen.
8.4% ÷ 12 = 0.7%, 48 payments£10,000 × 0.007 ÷ (1 − 1.007^−48) ≈ £246.01£11,808.56£246.01 a month, with £1,808.56 of interest.
Pakistani rupees
You compare a Rs 1,000,000 loan at 18% a year over 3 years.
18% ÷ 12 = 1.5%, 36 instalmentsRs 1,000,000 × 0.015 ÷ (1 − 1.015^−36) ≈ Rs 36,152.40Rs 301,486.20An EMI of about Rs 36,152.40 for 36 months.
0% offers
A €2,400 purchase is split into 12 interest-free monthly payments.
P ÷ n€2,400 ÷ 12 = €200€200 a month, no interest — check the offer for fees, which would make the APR higher than 0%.
The same payment maths applies to most fixed-rate installment loans.
Compare dealer financing with a credit-union loan, or see how a bigger down payment changes the monthly payment.
Add an origination fee to see the estimated APR, and compare offers on total cost rather than the advertised rate.
Check what a fixed-rate repayment plan costs over 10 years and how extra payments shorten it.
Size a renovation loan to a monthly budget before you request quotes.
Test extra monthly amounts or a bonus-month lump sum to find the fastest realistic payoff date.
For a vehicle with a trade-in and sales tax, the Auto Loan Calculator is more specific. To see how interest grows when nothing is repaid, try the Compound Interest Calculator.
Results are educational estimates, not financial advice or a loan offer. Confirm the exact terms with your lender before you borrow.
EMI stands for equated monthly instalment: the same payment every month that covers both interest and part of the principal. It is the term commonly used in Pakistan and India; in the US, UK and Canada it is usually just called the monthly payment. It is calculated with the same formula, so this calculator works for both.
Interest is charged on the balance you still owe, which is largest at the start. On a $25,000 loan at 7%, the first payment of $495.03 includes $25,000 × 0.07 ÷ 12 ≈ $145.83 of interest, leaving $349.20 for principal. As the balance falls, the interest part shrinks and more of each payment reduces the debt.
Payments are rounded to the cent, and each month’s interest is rounded too. Those fractions of a cent add up, so the final payment is adjusted to clear the exact remaining balance. On a $100,000 loan at 6% over 60 months the last payment is $1,933.32 instead of $1,933.28. With extra payments, the last payment is often much smaller.
It calculates principal and interest correctly for any fixed-rate, monthly-payment loan, including a home loan. A mortgage payment usually also includes property tax, homeowners insurance and sometimes mortgage insurance, which this calculator does not add. Use the Mortgage Calculator for those costs.
No. It assumes the rate stays the same for the whole term. For a variable or adjustable-rate loan, you can run it again with the new rate and the remaining balance and term each time the rate changes, but the result is only an estimate of future payments.
No. The currency setting only changes the symbol and number formatting (US dollars, Canadian dollars, pounds, euros or Pakistani rupees). The maths is identical in every currency, and no exchange rates are used.
A shorter term means higher monthly payments but much less total interest; a longer term lowers the payment but costs more overall. Pick the shortest term whose payment fits comfortably in your budget, leaving room for savings and emergencies. The table in “Monthly Payment vs Total Interest” above shows the trade-off.
Some loans charge a prepayment penalty or apply extra money to future payments instead of the principal. Check your loan agreement, and ask the lender to apply extra payments to principal. If there is no penalty, extra principal payments always reduce the total interest on a fixed-rate loan.
The maths follows the standard amortization formula and cent-by-cent schedule used for fixed-rate installment loans. Your lender’s numbers can differ by small amounts if it charges interest daily, uses a different rounding rule, or your first payment date is not exactly one month after the loan starts. Always confirm figures with the lender’s official disclosure.