💰Loan / EMI Calculator
Calculate your monthly loan payment, total interest, and see the complete amortization schedule
Loan Details
How to Use This Calculator
This calculator helps you understand exactly how much you will pay for a loan. Enter the amount, interest rate, and term to see your monthly payment, total interest, and amortization schedule.
Add extra payments to see how much you can save in interest and how much time you can shave off the loan.
How Loan Payments Work
What is EMI?
EMI (Equated Monthly Installment) is the fixed payment you make each month. It includes both principal repayment and interest charges.
Interest Savings Tip
Making extra payments reduces your principal faster, which means less interest over the life of the loan. Even small extra payments can save thousands.
Understanding Loan Types
- •Personal Loan: Personal loans are unsecured and typically have higher rates
- •Car Loan: Car loans are secured by the vehicle with lower rates
- •Student Loan: Student loans often have special repayment options
Strategies to Pay Off Your Loan Faster
Make Bi-Weekly Payments
Pay half your payment every two weeks instead of once a month. This results in 26 half-payments (13 full payments) per year, making one extra payment without noticing.
Round Up Your Payment
If your payment is $487, round up to $500. Those extra $13 go straight to principal and can save months or years off the loan.
Use Windfall Income
Tax refund, bonus, or gifts? Put at least half toward the loan. A one-time $1,000 payment can save thousands in interest over time.
Frequently Asked Questions
What is a good interest rate for a personal loan?
Rates vary from 5% to 20% annually depending on the lender and your credit profile. With good credit, aim for rates below 10% annually. Compare multiple options before deciding.
Should I take a shorter or longer loan?
Shorter terms have higher payments but much lower total interest. If the payment fits your budget, shorter terms always save money. Use this calculator to compare.
Can I pay off my loan early?
Yes, you can usually pay off early, but check for prepayment penalties in your contract. Some loans have 1-3% fees, others do not. The savings are usually worth it.
This calculator provides estimates. Actual payments may vary based on lender terms, fees, and your credit profile.