Loan / EMI Calculator
Calculate loan payments and amortization, with a dated payoff schedule
The date your first payment is due. Later payments fall on the same day each month. It only puts dates on the schedule and the payoff; it does not change your payment or interest, because every period is treated as a full month. Clear it to use the 1st of next month.
Monthly Payment
$536.82
Total Payment
$193,255.78
Total Interest
$93,255.78
Payoff
Nov 2056
First payment Dec 1, 2026. Last payment Nov 1, 2056.
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About Loan / EMI Calculator
Calculates the monthly payment, total interest and full amortization schedule for a loan from the principal, interest rate and term, with an optional extra monthly payment that shows how much interest and time you save. Every payment in the schedule, and the payoff date, uses real calendar dates that start from your first payment date.
Enter the loan amount, interest rate and term (in years or months), and choose a currency. Add an extra monthly payment to see the payoff date move earlier. Set the first payment date to the day your first payment is due (it starts as the 1st of next month) to see the real date of every payment and the payoff date. It only labels the schedule and does not change the amounts. Expand the schedule for the principal/interest split of every payment, or download it, dates included, as a CSV file.
Even a small difference in interest rate makes a real difference in total interest paid over a long loan, so compare the total cost, not just the monthly payment. In the early years most of each payment is interest, which is why extra principal payments early on save the most.
Watch: Loan / EMI Calculator in Action
- Does a lower monthly payment always mean a better loan?
- Not necessarily — even a small difference in interest rate makes a real difference in total interest paid over a long loan term. It's worth shopping for the best rate before committing, not just comparing monthly payments.
- What is the first payment date, and what should I enter?
- It is the date your first loan payment is due. Enter the date in your loan agreement or on your first statement. If you do not know it yet, leave the suggested date, the 1st of next month. Every later payment falls on the same day of the following months, and the schedule and payoff date show real calendar dates from it.
- Does the first payment date change my payment or the interest?
- Not in this calculator. The date only puts calendar dates on the schedule and the payoff date. Interest is worked out on whole monthly periods, so the payment and totals stay the same whatever date you choose. Some lenders charge extra interest when the first payment is more than a month after the loan starts; that is not included here.
- What happens if my payment date is the 31st?
- A payment on the 29th, 30th or 31st moves to the last day of shorter months, such as Feb 28 (Feb 29 in a leap year) or Apr 30, and goes back to your day in longer months, so the dates never drift earlier.
How to use Loan / EMI Calculator
Enter the loan amount (the principal, how much you're borrowing), the annual interest rate as a percentage, and the loan term in years. The monthly payment, total amount paid over the life of the loan, and total interest paid all calculate immediately and update live as you adjust any of the three inputs — there's no separate calculate button, so you can quickly compare a few different rates or terms side by side just by changing the numbers. Below the summary, an expandable full amortization schedule shows the month-by-month breakdown — payment, how much of each payment goes to principal versus interest, and the remaining balance after each payment — for the entire loan term.
The first payment date starts as the 1st of next month. Change it to the day your first payment is actually due and every row of the schedule shows its real calendar date, the payoff box shows the month your last payment lands in, and the CSV download gets a payment date column. If you add an extra monthly payment, the new payoff date is shown next to the original one. The date only labels the schedule; the payment, the interest and the balances do not change with it.
The underlying math is the standard fixed-rate amortization formula used by mortgage and auto loan calculators generally, so the numbers here should match what a bank or lender's own calculator produces for the same inputs, assuming a standard fixed-rate, fixed-term loan with no unusual fees or adjustable-rate provisions folded in.
When to use it
The clearest use is comparing loan offers before committing — plugging in the rate and term from two different lenders' offers to see the real difference in monthly payment and total interest paid, which is often more revealing than comparing rates alone, since a longer term can lower the monthly payment while substantially increasing total interest paid. It's also useful for understanding how extra principal payments would affect a loan by checking the amortization schedule — seeing exactly how much of an early payment goes toward interest versus principal shows why paying down principal early on a long loan has an outsized effect on total interest.
When not to use it
This calculates a standard fixed-rate, fixed-term loan — if you're evaluating an adjustable-rate loan where the interest rate changes partway through the term, a variable-rate-specific calculator that models rate changes will give a more accurate picture than treating it as fixed-rate for the whole term. It also doesn't factor in loan origination fees, closing costs, private mortgage insurance, or other add-on costs some loans carry — for a true all-in cost comparison between offers, those need to be considered separately alongside this calculator's pure principal-and-interest numbers.
Tips for best results
When comparing two loan offers, look at total interest paid over the full term, not just the monthly payment — a lower monthly payment from a longer term can mean paying substantially more in total interest even at the same or a similar rate, since interest accrues for a longer period. Check the payoff date as well: it turns a term in months into the calendar month and year the loan ends, which is easier to compare with a plan such as a move, a retirement date or the end of a lease. If you're considering making extra principal payments, check the early months of the amortization schedule specifically — on a long-term loan, the first several years' payments are weighted heavily toward interest rather than principal, which is exactly why extra payments made early in the term have a bigger effect on total interest than the same extra payment made later.
Limitations
The amortization schedule assumes exactly on-time, exact-amount monthly payments for the full term with no missed or extra payments — a real loan's actual schedule will differ from this if payments are ever late, skipped, or supplemented with extra principal payments along the way. Rounding on the final payment is handled so the schedule's balance reaches exactly zero rather than drifting a few cents off by the end, matching how a real lender's amortization schedule is structured. Payment dates follow the calendar: a payment day of the 29th to 31st moves to the last day of shorter months, such as Feb 28 or Apr 30, and returns to its day afterwards. Every month is treated as a full period, so a first payment that falls a few weeks after you receive the money does not add extra days of interest here, although some lenders do charge that.
Privacy
All calculation happens locally in your browser using the numbers you enter — there's no server call involved in computing the payment or the schedule, and nothing about the loan amount, rate, or term you enter is transmitted or stored anywhere.
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