Loan Calculator
Calculate monthly payments, total interest, and the full amortization schedule for any fixed-rate loan — mortgage, auto, personal, or EMI. See how much an extra monthly payment saves you. 100% browser-based.
Where your money goes
💰 What This Tool Does
A universal fixed-rate loan calculator that works for mortgages, auto loans, personal loans, student loans, and EMI (Equated Monthly Installment) loans. Enter your loan amount, annual interest rate, and term — and get the exact monthly payment, total interest over the life of the loan, and a full amortization schedule showing where every dollar of every payment goes.
The optional "extra monthly payment" field shows exactly how much time and interest you save by paying even a little more each month. Small extra payments can shave years and tens of thousands of dollars off a long-term loan.
📝 Example: $300k Mortgage at 6% for 30 Years
Input
Loan: $300,000
Rate: 6% APR
Term: 30 years (360 months)
Output
Monthly: $1,798.65
Total interest: $347,514
Total cost: $647,514
With $200 extra: save $96k and pay off 5 years early
⚡ How to Use
- Pick your currency (USD, EUR, GBP, INR, JPY, CAD, AUD)
- Enter the loan amount — use the slider for a rough value or type an exact number
- Enter the annual interest rate — the APR from your lender, typically between 3% and 12%
- Pick the loan term — 5, 10, 15, 20, or 30 years are common presets, or type any number
- Optional: add an extra monthly payment to see how much interest and time you save
- Expand the amortization schedule to see a month-by-month or year-by-year breakdown
🎯 Use Cases
🏡 Mortgage
Compare 15- vs 30-year mortgages. See how even a quarter-point rate difference adds up to tens of thousands over the life of the loan.
🚗 Auto loan
Figure out your car payment before you walk into a dealership. 36, 48, 60, or 72 months — see which term fits your budget and total cost tolerance.
💳 Personal loan / EMI
Works for personal loans, student loans, and Indian-style EMIs. The math is identical worldwide.
💸 Payoff planning
Thinking about making extra payments? Plug in $50, $100, or $500 a month and watch the payoff date and interest savings update in real time.
🔒 Privacy
- ✓ All calculations run in your browser using JavaScript
- ✓ Your loan details are never sent, stored, or logged
- ✓ Works offline after the first page load
- ✓ No signup, no ads, no personal info required
Note: This calculator gives estimates for planning purposes. Your actual loan may include fees, taxes, insurance, and other costs not modeled here. Always confirm final numbers with your lender.
❓ Frequently Asked Questions
How is the monthly payment calculated?
Using the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. This gives you a fixed monthly payment that pays off the loan over the chosen term. For a $300,000 loan at 6% for 30 years, that works out to about $1,798.65 per month.
What is an amortization schedule?
An amortization schedule shows exactly how much of each monthly payment goes to interest versus principal, plus how much you still owe after each payment. Early in the loan, most of each payment goes to interest; as the balance drops, more goes to principal. The schedule makes this breakdown crystal clear month by month. You can also see exactly when you will be debt-free.
How much do I save with an extra monthly payment?
Surprisingly a lot. Adding even $100–$200 a month to a 30-year mortgage can shave 3–5 years off the loan and save tens of thousands in interest because every extra dollar goes straight to principal and stops accruing interest for the life of the loan. Try the "extra payment" field to see the exact numbers for your scenario.
Does this tool work for EMI calculations in India?
Yes — the math is identical. "EMI" (Equated Monthly Installment) is the same formula used for mortgages, auto loans, personal loans, and credit card installments worldwide. Enter your loan amount, annual interest rate, and tenure in months or years, and the tool gives you the EMI plus a full amortization schedule.
Why does the total interest seem so high?
Because compound interest adds up over long terms. A 30-year $300,000 mortgage at 6% works out to about $647,500 in total — more than double the original loan — because you pay $347,500 in interest alone. Shorter terms, larger down payments, and extra principal payments all reduce the total interest dramatically.
What is APR versus interest rate?
The interest rate is just the cost of borrowing the principal. The APR (Annual Percentage Rate) includes the interest rate plus lender fees, points, and closing costs expressed as a yearly percentage. APR is always equal to or higher than the interest rate. This calculator uses the interest rate directly; if your lender gave you an APR, use that number for a more accurate estimate of your true cost.
Can I use this for variable-rate loans?
This tool calculates fixed-rate loans, which is the most common type. For an adjustable-rate mortgage (ARM) or variable loan, you can run multiple scenarios — one for the starting rate, another for the worst-case adjusted rate — to see the range of possible payments. The amortization assumes the rate stays constant.
Is my data private?
Yes. All calculations run in your browser with JavaScript. Nothing is sent to any server. Your loan amount, rate, and term are never stored or logged. Works offline after the first page load.