Calculate your monthly EMI for any loan — home loan, car loan, or personal loan. See total interest, total payment, and a full year-by-year amortization schedule.
Every loan — personal, auto, home, or student — works on the same fundamental math: a principal amount borrowed, an annual interest rate, and a repayment period in months. This calculator gives you the complete picture: exact monthly payment, total interest paid over the life of the loan, and a month-by-month amortization breakdown showing how each payment splits between principal and interest.
The formula is: Payment = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual APR ÷ 12), and n is the number of months. For a $25,000 loan at 7% APR over 60 months: monthly rate = 0.00583, and the monthly payment = $495. Over 60 months, total paid = $29,702 — meaning $4,702 in interest on a $25,000 loan.
Stretching a loan over more months lowers your monthly payment but dramatically increases total interest. On a $30,000 loan at 7%: a 36-month loan has a $927/month payment and costs $3,300 in interest. A 72-month loan drops to $513/month but costs $6,900 in interest — more than double. Always compare the total cost, not just the monthly payment. Use the amortization table below the results to see exactly how interest front-loads early payments.
Making even one extra payment per year can shave months off your loan and save hundreds in interest. On a 60-month loan, one extra payment per year typically shortens the term by 5–6 months. Making bi-weekly payments (half your monthly payment every two weeks) results in 26 half-payments per year — effectively 13 full payments instead of 12 — saving significant interest on longer-term loans.
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