Loan EMI & Mortgage Calculator
Calculate your exact monthly payments, total interest costs, and view year-by-year principal reduction schedules for any loan.
Loan Parameters
Interactive SlidersSimulate paying extra each month to save interest and pay off faster.
Amortization Schedule
Detailed loan repayment trajectory with principal reduction and interest amortized over time.
| Period | Opening Balance | Principal Repaid | Interest Paid | Total Payment | Closing Balance |
|---|---|---|---|---|---|
| Year 1 | $250,000 | $6,303 | $16,064 | $22,367 | $243,697 |
| Year 2 | $243,697 | $6,725 | $15,642 | $22,367 | $236,972 |
| Year 3 | $236,972 | $7,175 | $15,192 | $22,367 | $229,797 |
| Year 4 | $229,797 | $7,656 | $14,711 | $22,367 | $222,141 |
| Year 5 | $222,141 | $8,169 | $14,199 | $22,367 | $213,973 |
| Year 6 | $213,973 | $8,716 | $13,652 | $22,367 | $205,257 |
| Year 7 | $205,257 | $9,299 | $13,068 | $22,367 | $195,958 |
| Year 8 | $195,958 | $9,922 | $12,445 | $22,367 | $186,036 |
| Year 9 | $186,036 | $10,587 | $11,781 | $22,367 | $175,449 |
| Year 10 | $175,449 | $11,296 | $11,072 | $22,367 | $164,154 |
| Year 11 | $164,154 | $12,052 | $10,315 | $22,367 | $152,102 |
| Year 12 | $152,102 | $12,859 | $9,508 | $22,367 | $139,243 |
| Year 13 | $139,243 | $13,720 | $8,647 | $22,367 | $125,522 |
| Year 14 | $125,522 | $14,639 | $7,728 | $22,367 | $110,883 |
| Year 15 | $110,883 | $15,620 | $6,747 | $22,367 | $95,263 |
| Year 16 | $95,263 | $16,666 | $5,701 | $22,367 | $78,597 |
| Year 17 | $78,597 | $17,782 | $4,585 | $22,367 | $60,815 |
| Year 18 | $60,815 | $18,973 | $3,394 | $22,367 | $41,843 |
| Year 19 | $41,843 | $20,243 | $2,124 | $22,367 | $21,599 |
| Year 20 | $21,599 | $21,599 | $768 | $22,367 | $0 |
How Loan EMI is Calculated
The Standard EMI Formula
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1]
Where P = Principal Loan Amount, r = Monthly Interest Rate (Annual Rate / 12 / 100), and n = Total Tenure in Months.
Principal vs. Interest Ratio
Interest is front-loaded in early years
During early loan years, the majority of each EMI covers accrued interest. As the loan matures, more of each payment goes toward the principal balance.
The Power of Extra Prepayments
Extra payments reduce principal directly
Every additional dollar paid over the EMI directly reduces the loan principal, drastically cutting subsequent compound interest and shortening the payoff date.
Frequently Asked Questions
What types of loans can I calculate with this tool?
You can use this calculator for Home Mortgages, Auto Loans, Personal Loans, Student Loans, and Business Term Loans using reducing-balance amortization.
What is an amortization schedule?
An amortization schedule is a complete table showing the breakdown of every payment into interest and principal, along with the remaining loan balance at each stage.
Can I download my loan repayment schedule?
Yes! Click the 'Export CSV' button above the schedule table to download the full year-by-year or month-by-month repayment schedule for your records.