What will my loan payment be and how much interest will I pay?
You enter the loan amount, annual rate, and term, and you get a concrete monthly payment plus a full amortization schedule. Works for mortgages, consumer loans, auto loans, and student loans.
It supports two payment types: equal (the same amount every month) or decreasing (first one largest, each one smaller).
In advanced mode you can add extra payments (one-time or recurring), see how much interest you save, and watch the real value of your payment after inflation over time.
In India and across South Asia, the fixed monthly loan payment is called the EMI (Equated Monthly Installment). The math is identical to a standard equal-payment loan, so this tool doubles as a full EMI calculator for home loans, car loans, personal loans, and education loans.
How to use it
- Enter the loan amount, annual rate, and term in years.
- Pick payment type: equal (same amount every month) or decreasing (first largest, then smaller).
- The tool shows the monthly payment, total amount you'll pay, and total interest cost.
- In the amortization table you see month by month: how much goes to principal, how much to interest, what's left to pay.
- Switch on advanced mode to add extra payments, inflation, and a salary projection.
- You can download the table as CSV or Excel, useful for further analysis or for an accountant.
When this is useful
Seven typical situations where the calculator gives you concrete numbers:
- Home-buying plan. "$300,000 over 25 years at 7.5%, what's the payment?". You'll see ~$2,200/month, total payments $666,000, total interest $366,000 (more than the original loan).
- Comparing bank offers. Bank A gives 7.2% with 2% fees, Bank B 7% with 1.8%. Enter both and see the concrete difference in payment and total interest.
- "Buy or rent" decision. Enter the mortgage parameters and compare the payment to rent. Setting taxes and other costs aside, you have one number for each strategy.
- Auto loan check. $80,000 over 4 years at 9% is around $1,989/month. Does it fit your budget?
- Advanced mode, extra payments. "What if I add $500/month?". You'll see how many years you cut from the loan and how much interest you save. Often tens of thousands of dollars.
- Advanced mode, inflation impact. A $2,200 payment is nominally fixed for 25 years, but in real terms it shrinks. The tool shows by how much.
- Advanced mode, payment as part of salary. If your pay grows with inflation, the share of your income going to the loan drops. You can see when the payment stops feeling "heavy" (started at 30% of income, after 10 years it's only 18%).
If you're considering whether to refinance to a lower rate, use our refinance calculator. It gives you a clear verdict. To compare the loan cost against inflation over the same period, check the inflation calculator.