Plug in your loan amount, interest rate, and term. Get your monthly payment, total interest, and a full amortization schedule. Works for any loan — mortgage, car, personal, education — in six currencies with regional default rates.
| Year | Principal paid | Interest paid | Total paid | Balance |
|---|
The monthly loan payment (also called EMI in India, monthly mortgage payment in the US and UK) uses the closed-form formula: Payment = P × r × (1+r)n / ((1+r)n − 1), where P is the principal, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the total number of months. It produces a fixed monthly amount that pays off both principal and interest over the loan term.
A fixed rate stays constant for the full term — your monthly payment never changes. A variable (or floating) rate is tied to a benchmark such as a central bank policy rate, prime rate, or MCLR, and can move up or down. This calculator assumes a fixed rate; for variable rates, run it with a few different rate scenarios to gauge your sensitivity.
A longer term means a smaller monthly payment but significantly more total interest. A shorter term has a higher monthly payment but you pay much less interest overall. The amortization schedule above shows exactly how much of each payment goes to principal vs interest, so you can see the trade-off month by month.
Most lenders give you a choice: a prepayment can either reduce your monthly payment (keeping the term the same) or reduce the term (keeping the payment the same). Reducing the term usually saves more in total interest. Some lenders charge a prepayment penalty on fixed-rate loans — check your loan agreement before prepaying.
When you switch currency, the loan-type presets adjust to approximate typical rates in that region — for example, US mortgages around 6.5%, Eurozone mortgages around 4%, Indian home loans around 8.5%. These are starting points only; your actual rate depends on your credit, the lender, loan-to-value, and prevailing benchmarks at the time of borrowing.
No. This calculator runs entirely in your browser. None of your inputs are sent to any server. You can use it for sensitive financial planning with confidence.
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