Loan Calculator

Figuring out loan payments should not require a finance degree. Enter your loan ...

SecureFastFree

Updated

Your monthly payment is $1,580.17 for 360 months, with $318,861.22 in total interest and $568,861.22 paid overall.

Monthly Payment (EMI)

$1,580.17

Total Amount Payable

$568,861.22

Total Interest

$318,861.22

Payment Breakdown

Principal: $250,000.00
Interest: $318,861.22

Interest is 127.5% of your loan amount

Amortization Schedule

MonthPaymentPrincipalInterestBalance
1$1,580.17$226.00$1,354.17$249,774.00
2$1,580.17$227.23$1,352.94$249,546.77
3$1,580.17$228.46$1,351.71$249,318.31
4$1,580.17$229.70$1,350.47$249,088.61
5$1,580.17$230.94$1,349.23$248,857.67
6$1,580.17$232.19$1,347.98$248,625.48
7$1,580.17$233.45$1,346.72$248,392.04
8$1,580.17$234.71$1,345.46$248,157.32
9$1,580.17$235.98$1,344.19$247,921.34
10$1,580.17$237.26$1,342.91$247,684.07
11$1,580.17$238.55$1,341.62$247,445.53
12$1,580.17$239.84$1,340.33$247,205.69

Quick answer

A loan calculator works out your monthly payment (EMI), total interest, and total cost from the loan amount, interest rate, and term. YaliKit computes it in your browser using the standard amortization formula, EMI = P x r x (1+r)^n / ((1+r)^n - 1), where r is the annual rate divided by 12, and shows a full month-by-month schedule. Choose USD, INR, EUR or GBP, and the interest-free case is handled with no division by zero.

SSL Secured
256-bit Encryption
Cloud Processing
Mobile Friendly

Calculator Features

Month-by-Month Table - Every payment detailed
Visual Chart - Principal vs interest at a glance
Years or Months - Enter term either way
One-Click Copy - Export full schedule
Built-in Presets - Common loan scenarios
Interest Total - See your true cost

Why Use Loan Calculator?

Full Amortization Schedule

See exactly how each payment breaks down between principal and interest, month by month, for the entire loan term.

Instant Calculations

Results update as you type. No waiting, no page reloads. Compare different scenarios in seconds.

Visual Payment Breakdown

The bar chart shows you at a glance how much of your total payment goes to interest versus principal.

Export to Spreadsheet

Copy the entire amortization schedule with one click. Paste it into Excel or Google Sheets for your records.

Your Data Stays Private

Everything runs in your browser. We don't store your loan details or send them anywhere.

Quick Presets

Don't know where to start? Use presets for common scenarios like a starter home, average home, auto loan, or personal loan.

What Can You Calculate?

Home Mortgages

Compare 15-year vs 30-year terms. See how much you'd save with a larger down payment or lower rate.

Auto Loans

Figure out the true cost of financing that car. Is 0% for 60 months better than a rebate? Run the numbers.

Personal Loans

Planning home improvements or consolidating debt? Calculate exactly what you'll pay each month.

Student Loans

Estimate payments after graduation. See how different repayment plans affect your total cost.

How It Works

1

Enter Your Loan Amount

Type in how much you're borrowing. This is your principal, the amount before any interest is added.

2

Add the Interest Rate

Enter the annual percentage rate (APR) your lender quoted. A difference of even 0.5% can save or cost you thousands over the life of the loan.

3

Set the Loan Term

Pick how long you'll be paying it back. You can enter this in years or months. A 30-year mortgage is 360 months.

4

Review Your Results

You'll see your monthly payment right away, plus total interest and a month-by-month schedule showing how your balance decreases.

Money-Saving Tips

15-Year vs 30-Year Mortgages

15-year mortgages often have rates 0.5-0.75% lower than 30-year loans. Combined with the shorter term, you might pay less than half the total interest. The trade-off is higher monthly payments, so make sure it fits your budget.

The Power of Extra Payments

Making one extra mortgage payment per year (or adding 1/12 of a payment to each monthly check) can cut 4-6 years off a 30-year loan. Just make sure extra money goes to principal, not next month's payment.

A Low Monthly Payment Is Not Always a Good Deal

A longer loan term lowers your monthly payment but dramatically increases total interest. A $30,000 car loan at 6% for 7 years costs $5,000 more in interest than the same loan for 5 years. Always check the total cost.

When to Refinance

Refinancing makes sense when you can lower your rate by at least 0.75-1% and plan to stay in the loan long enough to recoup closing costs. A $3,000 refinance that saves $150/month pays for itself in 20 months.

Frequently Asked Questions

EMI (equated monthly installment) is calculated from three inputs: the loan amount (P), the monthly interest rate (r), and the number of months (n). The formula is EMI = P x r x (1+r)^n / ((1+r)^n - 1), where r is the annual rate divided by 12 and then by 100. The result is a fixed monthly payment that fully clears the loan by the last month. This calculator runs that formula instantly as you type.
The monthly payment formula for a fixed-rate loan is M = P x r x (1+r)^n / ((1+r)^n - 1). Here P is the principal you borrow, r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of monthly payments. If the rate is 0%, the payment is simply P / n. For example, borrow 100,000 at 10% for 12 months and the monthly payment is about 8,791.59.
Total interest is your monthly payment times the number of months, minus the amount you borrowed. For example, a 100,000 loan at 10% over 12 months has a monthly payment of about 8,791.59, so you pay about 105,499 in total and about 5,499 of that is interest. Longer terms lower the monthly payment but raise total interest, which this calculator shows in the Total Interest card.
Principal is the actual money you borrowed. Interest is what the bank charges you for lending it. Each monthly payment covers both. Early on, most of your payment goes toward interest because your balance is high. As you pay down the balance, more goes toward principal. That's why the amortization schedule is so useful, you can see exactly how this shifts over time.
An amortization schedule is a table showing every single payment you'll make on a loan. For each month, it shows how much goes to principal, how much goes to interest, and what your remaining balance is. It matters because it reveals the true cost of borrowing. Many people are surprised to see that on a 30-year mortgage, they might pay more in interest than the original loan amount.
Interest is calculated on your remaining balance. When you start a loan, your balance is at its highest, so the interest charge is highest too. On a $300,000 mortgage at 6%, your first month's interest alone is about $1,500. By year 20, when your balance is maybe $150,000, you're paying half that in interest. This front-loading of interest is just how amortization works.
Yes. This calculator works for any fixed-rate loan where you make equal monthly payments. That includes 15 or 30-year mortgages, auto loans (typically 3-7 years), personal loans (usually 2-5 years), and student loans. The math is the same, only the amounts and rates differ.
The math is the same formula banks use. For most loans, it will match what your lender quotes to the penny. However, some lenders add origination fees, closing costs, or require PMI (private mortgage insurance) on home loans. Those extras aren't included here since they vary by lender. Always get official numbers from your bank before signing.
It depends on what you can afford monthly. A shorter term (like 15 years instead of 30) means higher monthly payments but way less interest overall. For example, a $250,000 mortgage at 6.5% costs about $319,000 in interest over 30 years. The same loan over 15 years costs only about $140,000 in interest. But your monthly payment jumps from $1,580 to $2,178. Pick what fits your budget.
Rates depend on your credit score, the type of loan, and market conditions. As a rough guide: mortgages typically range from 6-8%, auto loans from 5-12%, and personal loans from 8-20%. The better your credit, the lower your rate. Even a 1% difference can save you tens of thousands on a mortgage.
A few strategies work well. First, choose the shortest term you can afford, less time means less interest. Second, make extra payments toward principal when you can. Even one extra payment per year on a mortgage can shave years off and save thousands. Third, refinance if rates drop significantly below your current rate. Finally, round up your payments, paying $500 instead of $487 adds up over time.
The interest rate is just the cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus fees like origination costs, points, and closing costs. APR gives you a truer picture of the total cost. When comparing lenders, compare APRs, not just interest rates. A loan with a 6% rate and $5,000 in fees might have a higher APR than one with 6.25% and no fees.
Extra payments go directly toward your principal (make sure to specify this with your lender). Since interest is based on your balance, reducing it faster means less interest charges. Even small amounts help. An extra $100/month on a $200,000 mortgage at 6% can save you over $40,000 in interest and pay off the loan 5 years early.
A common rule is the 28/36 rule: your housing costs shouldn't exceed 28% of your gross income, and total debt payments shouldn't exceed 36%. For example, if you make $6,000/month, aim for housing costs under $1,680 and total debt under $2,160. Use this calculator to see if a loan fits within those boundaries.

Related Tools

Mortgage Calculator

Home loans with taxes and insurance included

Compound Interest

See how investments grow over time

Percentage Calculator

Quick percentage calculations

Savings Goal

Plan how to reach your savings target