{"id":65848,"date":"2026-10-14T12:06:57","date_gmt":"2026-10-14T06:36:57","guid":{"rendered":"https:\/\/www.quickonlinetips.com\/archives\/?page_id=65848"},"modified":"2026-10-14T14:30:51","modified_gmt":"2026-10-14T09:00:51","slug":"loan-calculator","status":"publish","type":"page","link":"https:\/\/www.quickonlinetips.com\/archives\/tools\/loan-calculator\/","title":{"rendered":"Loan Calculator: Monthly Payment, EMI and Amortization"},"content":{"rendered":"<p>This free <strong>loan calculator<\/strong> works out the monthly payment for a car loan, personal loan, home loan or mortgage, along with the total interest and an amortization schedule that shows how each payment splits between principal and interest. Add an extra monthly payment to see how much sooner the loan is paid off. 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.qt-sel{background:#BEE3F8;border-color:#3182CE} .qt-tool .qt-bad{background:#FED7D7;border-color:#E53E3E} .qt-tool select{-webkit-appearance:none;-moz-appearance:none;appearance:none;padding-right:40px;cursor:pointer;border:2px solid #90B4DA;font-weight:600;background-color:#fff;background-image:url(\"data:image\/svg+xml,%3Csvg xmlns='http:\/\/www.w3.org\/2000\/svg' viewBox='0 0 14 9'%3E%3Cpath d='M1.5 1.5l5.5 5.5 5.5-5.5' fill='none' stroke='%232B6CB0' stroke-width='2.4' stroke-linecap='round' stroke-linejoin='round'\/%3E%3C\/svg%3E\");background-repeat:no-repeat;background-position:right 14px center;background-size:14px 9px} .qt-tool select:hover{border-color:var(--qt-accent);background-color:#F4F8FD} .qt-tool select::-ms-expand{display:none} .qt-next{margin:0 0 1.75em} .qt-next .qt-next-h{font-size:14px;font-weight:700;letter-spacing:.05em;text-transform:uppercase;color:#4A5568;margin:0 0 8px} .qt-next-g{display:grid;grid-template-columns:repeat(3,1fr);gap:8px} .qt-next-g a{display:flex;align-items:center;min-height:46px;padding:9px 12px;border:1px solid #AEC3DB;border-radius:8px;background:#F4F8FD;color:#215387;font-weight:600;font-size:15px;line-height:1.3;text-decoration:none} .qt-next-g a:hover,.qt-next-g a:focus{background:#E3EEFF;border-color:#2B6CB0;text-decoration:none} @media (max-width:600px){.qt-next-g{grid-template-columns:repeat(2,1fr)}}<\/style>\n<div class=\"qt-tool\" id=\"qt-lo\">\n<div class=\"qt-grid\">\n<div class=\"qt-field\"><label for=\"qt-lo-amt\">Loan amount<\/label><input type=\"text\" inputmode=\"decimal\" id=\"qt-lo-amt\" value=\"25,000\"><\/div>\n<div class=\"qt-field\"><label for=\"qt-lo-rate\">Interest rate (% per year)<\/label><input type=\"number\" step=\"any\" id=\"qt-lo-rate\" value=\"7.5\"><\/div>\n<div class=\"qt-field\"><label for=\"qt-lo-term\">Loan term<\/label><input type=\"number\" step=\"any\" id=\"qt-lo-term\" value=\"5\"><\/div>\n<div class=\"qt-field\"><label for=\"qt-lo-unit\">Term in<\/label><select id=\"qt-lo-unit\"><option value=\"12\" selected>Years<\/option><option value=\"1\">Months<\/option><\/select><\/div>\n<div class=\"qt-field\"><label for=\"qt-lo-extra\">Extra payment per month<\/label><input type=\"text\" inputmode=\"decimal\" id=\"qt-lo-extra\" value=\"0\"><\/div>\n<div class=\"qt-field\"><label for=\"qt-lo-cur\">Currency<\/label><select id=\"qt-lo-cur\"><option value=\"$|en-US\" selected>$ Dollar<\/option><option value=\"\u20b9|en-IN\">\u20b9 Rupee<\/option><option value=\"\u00a3|en-GB\">\u00a3 Pound<\/option><option value=\"\u20ac|de-DE\">\u20ac Euro<\/option><option value=\"|en-US\">None<\/option><\/select><\/div>\n<\/div>\n<div class=\"qt-stats\">\n<div class=\"qt-stat\"><span class=\"qt-num\" id=\"qt-lo-pmt\">&#8211;<\/span><span class=\"qt-lab\">Monthly payment<\/span><\/div>\n<div class=\"qt-stat\"><span class=\"qt-num\" id=\"qt-lo-int\">&#8211;<\/span><span class=\"qt-lab\">Total interest<\/span><\/div>\n<div class=\"qt-stat\"><span class=\"qt-num\" id=\"qt-lo-tot\">&#8211;<\/span><span class=\"qt-lab\">Total paid<\/span><\/div>\n<div class=\"qt-stat\"><span class=\"qt-num\" id=\"qt-lo-n\">&#8211;<\/span><span class=\"qt-lab\">Payments<\/span><\/div>\n<\/div>\n<div class=\"qt-status\" id=\"qt-lo-status\" aria-live=\"polite\"><\/div>\n<div class=\"qt-row\"><label class=\"qt-check\"><input type=\"checkbox\" id=\"qt-lo-monthly\"> Show every month<\/label><button type=\"button\" class=\"qt-btn qt-btn-ghost qt-btn-sm\" id=\"qt-lo-csv\">Copy schedule (CSV)<\/button><\/div>\n<table class=\"qt-table\">\n<thead>\n<tr>\n<th id=\"qt-lo-ph\">Year<\/th>\n<th>Principal<\/th>\n<th>Interest<\/th>\n<th>Balance<\/th>\n<\/tr>\n<\/thead>\n<tbody id=\"qt-lo-out\"><\/tbody>\n<\/table>\n<p class=\"qt-note\">Everything runs in your browser. Nothing you enter is sent to or stored on our server.<\/p>\n<\/div>\n<p><script>(function () { function qtReady(fn) { if (document.readyState === 'loading') { document.addEventListener('DOMContentLoaded', fn); } else { fn(); } } function qtCopy(text, statusEl, okMsg) { function done(ok) { if (statusEl) { statusEl.textContent = ok ? (okMsg || 'Copied to clipboard.') : 'Press Ctrl+C (or Cmd+C) to copy.'; } } function fallback() { var ta = document.createElement('textarea'); ta.value = text; ta.setAttribute('readonly', ''); ta.style.position = 'fixed'; ta.style.top = '-1000px'; document.body.appendChild(ta); ta.select(); var ok = false; try { ok = document.execCommand('copy'); } catch (e) { ok = false; } document.body.removeChild(ta); done(ok); } if (navigator.clipboard) { if (window.isSecureContext) { navigator.clipboard.writeText(text).then(function () { done(true); }, fallback); return; } } fallback(); } function qtRand32() { var c = window.crypto || window.msCrypto; if (c) { if (c.getRandomValues) { var a = new Uint32Array(1); c.getRandomValues(a); return a[0]; } } return Math.floor(Math.random() * 4294967296); } function qtRandInt(range) { if (range === 4294967296) { return qtRand32(); } var limit = Math.floor(4294967296 \/ range) * range; var x = qtRand32(); while (x >= limit) { x = qtRand32(); } return x % range; } function qtMoney(sel) { var p = (sel ? sel.value : '$|en-US').split('|'); return function (v, d) { if (!isFinite(v)) { return '-'; } var dd = d === undefined ? 2 : d; return (v >= 0 ? '' : '-') + p[0] + Math.abs(v).toLocaleString(p[1], { minimumFractionDigits: dd, maximumFractionDigits: dd }); }; } function qtNum(el) { var v = parseFloat(String(el.value).replace(\/,\/g, '')); return isNaN(v) ? 0 : v; } function qtTd(tr, t, cls) { var e = document.createElement('td'); e.textContent = t; if (cls) { e.className = cls; } tr.appendChild(e); } qtReady(function () { var amt = document.getElementById('qt-lo-amt'); if (!amt) { return; } function $(id) { return document.getElementById(id); } var csv = []; function upd() { var m = qtMoney($('qt-lo-cur')); var P0 = qtNum(amt), rate = qtNum($('qt-lo-rate')), n = Math.round(qtNum($('qt-lo-term')) * parseInt($('qt-lo-unit').value, 10)), extra = qtNum($('qt-lo-extra')); var st = $('qt-lo-status'); st.textContent = ''; st.classList.remove('qt-error'); var body = $('qt-lo-out'); body.textContent = ''; csv = []; if (0 >= P0 || 0 >= n || 0 > rate) { st.textContent = 'Enter a loan amount, an interest rate and a term.'; st.classList.add('qt-error'); return; } if (n > 1200) { n = 1200; } var r = rate \/ 1200; var pmt = r ? P0 * r \/ (1 - Math.pow(1 + r, -n)) : P0 \/ n; var bal = P0, totI = 0, k = 0, yP = 0, yI = 0, monthly = $('qt-lo-monthly').checked; $('qt-lo-ph').textContent = monthly ? 'Month' : 'Year'; csv.push((monthly ? 'month' : 'year') + ',principal,interest,balance'); function row(label, p, i, b) { var tr = document.createElement('tr'); qtTd(tr, String(label)); qtTd(tr, m(p)); qtTd(tr, m(i)); qtTd(tr, m(b)); body.appendChild(tr); csv.push(label + ',' + p.toFixed(2) + ',' + i.toFixed(2) + ',' + b.toFixed(2)); } while (bal > 0.005) { if (k >= 1200) { break; } k++; var i = bal * r; var p = Math.min(pmt + extra - i, bal); bal -= p; totI += i; yP += p; yI += i; if (monthly) { row(k, p, i, Math.max(bal, 0)); yP = 0; yI = 0; } else { if (k % 12 === 0 || 0.005 >= bal) { row(Math.ceil(k \/ 12), yP, yI, Math.max(bal, 0)); yP = 0; yI = 0; } } } $('qt-lo-pmt').textContent = m(pmt); $('qt-lo-int').textContent = m(totI); $('qt-lo-tot').textContent = m(P0 + totI); $('qt-lo-n').textContent = k; if (extra > 0) { var baseI = r ? pmt * n - P0 : 0; st.textContent = 'With ' + m(extra) + ' extra each month you finish ' + (n - k) + ' months early and save ' + m(baseI - totI) + ' in interest.'; } else { st.textContent = 'Interest is ' + (totI * 100 \/ P0).toFixed(1) + '% of the amount borrowed.'; } } ['qt-lo-amt', 'qt-lo-rate', 'qt-lo-term', 'qt-lo-extra'].forEach(function (id) { $(id).addEventListener('input', upd); }); ['qt-lo-unit', 'qt-lo-cur', 'qt-lo-monthly'].forEach(function (id) { $(id).addEventListener('change', upd); }); $('qt-lo-csv').addEventListener('click', function () { qtCopy(csv.join('\\n'), $('qt-lo-status'), 'Schedule copied. Paste it into Excel or Google Sheets.'); }); upd(); }); })();<\/script><\/p>\n<div class=\"qt-next\">\n<p class=\"qt-next-h\">Try another free tool<\/p>\n<div class=\"qt-next-g\"><a href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/compound-interest-calculator\/\">Compound Interest Calculator<\/a><a href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/discount-calculator\/\">Discount Calculator<\/a><a href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/sales-tax-calculator\/\">Sales Tax and GST Calculator<\/a><a href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/salary-calculator\/\">Salary to Hourly Calculator<\/a><a href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/days-between-dates\/\">Days Between Dates<\/a><a href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/age-calculator\/\">Age Calculator<\/a><\/div>\n<\/div>\n<p><strong>Quick answer:<\/strong> A $25,000 loan at 7.5% a year over 5 years costs about $501 a month, with about $5,056 paid in interest. Change any figure above and the payment, interest and schedule update instantly.<\/p>\n<h2>How to use the loan calculator<\/h2>\n<ol>\n<li>Enter the <strong>loan amount<\/strong>, the yearly <strong>interest rate<\/strong> (APR) and the <strong>term<\/strong> in years or months.<\/li>\n<li>Pick your currency. The maths is the same for dollars, rupees, pounds or euros.<\/li>\n<li>Read the monthly payment, total interest and total paid.<\/li>\n<li>Add an <strong>extra payment<\/strong> to see how many months you save, and tick &#8220;Show every month&#8221; for a full monthly schedule you can copy into a spreadsheet.<\/li>\n<\/ol>\n<h2>The loan payment (EMI) formula<\/h2>\n<p>Lenders use the standard amortization formula: <strong>Payment = P &times; r &divide; (1 &minus; (1 + r)<sup>&minus;n<\/sup>)<\/strong>, where P is the amount borrowed, r is the monthly rate (yearly rate &divide; 12 &divide; 100) and n is the number of monthly payments. Each payment first covers that month&#8217;s interest on the remaining balance; the rest reduces the principal. That is why early payments are mostly interest and later payments are mostly principal.<\/p>\n<h2>Example monthly payments for $10,000<\/h2>\n<table class=\"qt-ref\">\n<thead>\n<tr>\n<th>Rate<\/th>\n<th>3 years<\/th>\n<th>5 years<\/th>\n<th>7 years<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>5%<\/td>\n<td>$299.71<\/td>\n<td>$188.71<\/td>\n<td>$141.34<\/td>\n<\/tr>\n<tr>\n<td>8%<\/td>\n<td>$313.36<\/td>\n<td>$202.76<\/td>\n<td>$155.86<\/td>\n<\/tr>\n<tr>\n<td>12%<\/td>\n<td>$332.14<\/td>\n<td>$222.44<\/td>\n<td>$176.53<\/td>\n<\/tr>\n<tr>\n<td>18%<\/td>\n<td>$361.52<\/td>\n<td>$253.93<\/td>\n<td>$210.38<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Ways to pay less interest<\/h2>\n<ul>\n<li><strong>Shorter term:<\/strong> the monthly payment rises, but total interest falls sharply.<\/li>\n<li><strong>Extra payments:<\/strong> even a small extra amount each month goes straight to principal. Check that your lender has no prepayment penalty.<\/li>\n<li><strong>Lower rate:<\/strong> compare APRs, which include fees, not just the headline rate.<\/li>\n<\/ul>\n<p>This calculator gives estimates for fixed-rate loans and does not include fees, insurance or taxes. It is not financial advice; your lender&#8217;s figures are final. To see how savings grow instead, try the <a href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/compound-interest-calculator\/\">compound interest calculator<\/a>, or check percentages with the <a href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/percentage-calculator\/\">percentage calculator<\/a>.<\/p>\n<h2>FAQ<\/h2>\n<h3>What is EMI?<\/h3>\n<p>EMI stands for equated monthly instalment, the fixed amount you pay each month. It is the same as the monthly payment shown here.<\/p>\n<h3>Does this work for a mortgage?<\/h3>\n<p>Yes, for the principal and interest part. Property tax, insurance and PMI are added on top by most lenders.<\/p>\n<h3>What if the interest rate is 0%?<\/h3>\n<p>The payment is simply the loan amount divided by the number of months.<\/p>\n<h2>More free tools<\/h2>\n<div class=\"qt-cards\"><a class=\"qt-card\" href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/compound-interest-calculator\/\"><strong>Compound Interest Calculator<\/strong><span>See savings grow with regular deposits.<\/span><\/a><a class=\"qt-card\" href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/discount-calculator\/\"><strong>Discount Calculator<\/strong><span>Sale price and savings after a percentage off.<\/span><\/a><a class=\"qt-card\" href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/sales-tax-calculator\/\"><strong>Sales Tax and GST Calculator<\/strong><span>Add or remove tax, VAT or GST from a price.<\/span><\/a><a class=\"qt-card\" href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/salary-calculator\/\"><strong>Salary to Hourly Calculator<\/strong><span>Convert hourly, weekly, monthly and yearly pay.<\/span><\/a><a class=\"qt-card\" href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/days-between-dates\/\"><strong>Days Between Dates<\/strong><span>Count days, weeks and business days between two dates.<\/span><\/a><a class=\"qt-card\" href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/age-calculator\/\"><strong>Age Calculator<\/strong><span>Your exact age in years, months and days, plus next birthday.<\/span><\/a><a class=\"qt-card\" href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/percentage-calculator\/\"><strong>Percentage Calculator<\/strong><span>Work out X% of Y, percent change and more.<\/span><\/a><a class=\"qt-card\" href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/online-stopwatch\/\"><strong>Stopwatch and Timer<\/strong><span>Online stopwatch with laps and a countdown timer with alarm.<\/span><\/a><a class=\"qt-card\" href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/average-calculator\/\"><strong>Average Calculator<\/strong><span>Mean, median, mode and range of a list of numbers.<\/span><\/a><\/div>\n<p>See all of them on the <a href=\"https:\/\/www.quickonlinetips.com\/archives\/tools\/\">QuickOnlineTips free online tools<\/a> page and play our <a href=\"https:\/\/www.quickonlinetips.com\/archives\/games\/\">free online games<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This free loan calculator works out the monthly payment for a car loan, personal loan, home loan or mortgage, along with the total interest and an amortization schedule that shows how each payment splits between principal and interest. Add an extra monthly payment to see how much sooner the loan is paid off. In India&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":65595,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"class_list":["post-65848","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/pages\/65848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/comments?post=65848"}],"version-history":[{"count":3,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/pages\/65848\/revisions"}],"predecessor-version":[{"id":66451,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/pages\/65848\/revisions\/66451"}],"up":[{"embeddable":true,"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/pages\/65595"}],"wp:attachment":[{"href":"https:\/\/www.quickonlinetips.com\/archives\/wp-json\/wp\/v2\/media?parent=65848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}