Loan Calculator – Monthly Payment & Amortization Schedule
Calculate monthly loan payments, total interest, and full amortization schedule for any personal, auto, or student loan. Free, no sign-up.
Frequently Asked Questions
EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay a loan. It includes both the principal and interest components.
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate / 12 / 100), and n is the number of months.
Yes. The calculator works with any currency — just enter your loan amount in your local currency. No currency symbol is assumed.
No. All calculations happen entirely in your browser. Nothing is sent to any server.
What is Loan / EMI Calculator?
A loan calculator computes the exact monthly payment, total interest paid, and total repayment cost for any loan — personal loans, auto loans, student loans, or business loans. Enter your loan amount, annual interest rate, and term, and the calculator shows your full amortization schedule: how much of each monthly payment goes toward principal and how much goes toward interest, month by month. Understanding your true repayment cost before signing a loan agreement can save you thousands.
How to Use Loan / EMI Calculator
- 1Enter the total loan amount (principal).
- 2Enter the annual interest rate as a percentage.
- 3Enter the loan term — choose months or years.
- 4Your monthly payment, total interest, and total repayment amount appear instantly.
- 5Scroll down to see the full month-by-month amortization schedule.
Key Features
- ✓Monthly payment calculation for any loan type
- ✓Total interest and total repayment cost
- ✓Full amortization schedule with monthly breakdown
- ✓Supports loans in any currency
- ✓Works for terms up to 30 years
Benefits
- →Know your exact monthly payment before taking a loan
- →Compare total cost across different loan terms and rates
- →Understand how much interest you really pay over the life of a loan
- →Plan your budget accurately before committing to a loan
Why Use Irreva for Loan / EMI Calculator?
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule shows the breakdown of every monthly payment into the principal repayment and interest charge, plus the remaining loan balance. Early payments are mostly interest; later payments are mostly principal.
How is the monthly payment calculated?
Monthly payment = [P × r × (1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of months.
What is the difference between loan term and loan tenure?
Loan term and loan tenure mean the same thing — the length of time over which you repay the loan. 'Term' is commonly used in the US, UK, and Australia; 'tenure' is commonly used in India and South Asia.
Does a shorter loan term save money?
Yes. A shorter term means higher monthly payments but significantly less total interest paid. For example, a $10,000 loan at 8% over 3 years costs about $1,267 in interest; over 5 years it costs about $2,166.
Can I use this for any currency?
Yes. The calculator works with any currency — enter your loan amount in your local currency and the results will be in that same currency.
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