Loan Payment Calculator
Calculate your monthly loan payment, total interest and full amortization schedule for any personal loan, car loan or credit line.
Loan amount ($)
Annual interest rate (%)
Loan term (years)
Monthly payment
$391.32
Total interest
$3,479.38
14.8% of total
Total cost
$23,479.38
Total payments
60
Principal 85.2%Interest 14.8%
Amortization schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $4,695.88 | $3,498.89 | $1,196.98 | $16,501.11 |
| Year 2 | $4,695.88 | $3,733.22 | $962.65 | $12,767.89 |
| Year 3 | $4,695.88 | $3,983.24 | $712.63 | $8,784.64 |
| Year 4 | $4,695.88 | $4,250.01 | $445.87 | $4,534.64 |
| Year 5 | $4,695.88 | $4,534.64 | $161.24 | $0.00 |
💡 Tips to reduce your loan cost
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Compare rates before signing
Even 1% lower interest on a $20,000 loan saves hundreds over 5 years. Always get multiple quotes.
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Make extra payments
Any extra amount goes directly to principal. Even $50/month extra can cut months off your loan and save significant interest.
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Choose a shorter term
A 3-year term will have higher monthly payments than 5 years, but you pay far less interest overall.
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Avoid early repayment penalties
Check your loan agreement. Some lenders charge a fee if you pay off the loan early.
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Refinance if rates drop
If interest rates fall significantly after you take out your loan, refinancing can lower your monthly payment.
📊 How loan interest works
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Front-loaded interest
In the early months of your loan, most of each payment goes toward interest. As the balance decreases, more goes to principal.
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Annual Percentage Rate (APR)
APR includes both the interest rate and any fees. It gives a truer picture of the total loan cost than the interest rate alone.
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Fixed vs variable rates
Fixed rates stay the same throughout the loan. Variable rates can change, making budgeting harder but sometimes starting lower.
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Credit score impact
A higher credit score typically qualifies you for lower interest rates, directly reducing your monthly payment and total cost.
What this tool does
Calculates the fixed monthly installment (EMI) for any loan — personal loan, car loan, student loan, or business loan. Shows the total interest cost of the loan so you can compare offers.
Input fields explained
Loan amount
The total amount you borrow. Does not include fees or insurance added by the lender.
Annual rate
The APR (Annual Percentage Rate) of the loan. Compare this across lenders — even 1% difference on a large loan means thousands in interest.
Loan term
The repayment period in years. Shorter term = higher monthly payment but far less total interest. Longer term = lower monthly payment but much more expensive overall.
💡 Tips & context
→Always compare the total interest cost, not just the monthly payment.
→Paying even one extra payment per year can significantly shorten a mortgage.
Formula / How it works
EMI = P × [r(1+r)^n] ÷ [(1+r)^n − 1] Where: • P = Principal loan amount • r = Monthly interest rate (annual rate ÷ 12) • n = Total number of monthly payments (years × 12) The amortization table shows exactly how each payment is split between principal and interest over the life of the loan.