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Total interest
$2,610
Cost of borrowing over the loan.
Total paid
$17,610
Principal + interest.
Interest as % of principal
17.4%
Interest on top of the amount borrowed.
Payoff date
Jun 2031
Last scheduled payment.
Final payment
$294
Trimmed to clear the exact balance.
First payment splits $81.25 interest / $212.24 principal; the last is mostly principal. Effective rate used: 0.5417% per month (6.697% a year).
Educational estimate — lender fees, taxes, insurance, and rounding can make a lender's figures differ.
What your result means
What your result means
With a $15,000 loan at 6.50% over 5 years, your estimated payment is $293.49 per month. You would pay about $2,610 in interest, meaning interest adds 17.4% on top of the amount borrowed.
APR may differ if fees are included
Compare scenarios
How a lower rate, a shorter term, or extra payments change the cost — each is a full re-run of the math. Interest saved is measured against the most expensive plan shown. The downloadable report includes every scenario.
Current plan
$293.49 / payment
Total interest
$2,610
Total paid
$17,610
Payoff
Jun 2031
Interest saved
—
Lower rate (5.5%)
$286.52 / payment
Total interest
$2,191
Total paid
$17,191
Payoff
Jun 2031
Interest saved
$419
Shorter term (4y)
$355.72 / payment
Total interest
$2,075
Total paid
$17,075
Payoff
Jun 2030
Interest saved
$535
+ extra 50/payment (example)
$293.49 / payment
Total interest
$2,162
Total paid
$17,162
Payoff
Aug 2030
Interest saved
$448
Scenarios are illustrative and use the same fixed-rate assumptions as your inputs. They are not loan offers.
Visual breakdown
How the loan splits and shrinks over time. Each chart has a data table beneath it for exact figures and screen readers.
Principal vs interest
The share of what you pay that is principal versus interest.
Principal vs interest
Amount
Principal
$15,000
Interest
$2,610
Total
$17,610
Principal $15,000 · Interest $2,610.
Show data table
Principal vs interest — data table
Amount
Principal
$15,000
Interest
$2,610
Balance over time
How the remaining balance falls toward zero.
Balance over time
Year
Balance
0
$15,000
1
$12,376
2
$9,576
3
$6,589
4
$3,401
5
$0
The balance reaches zero at Jun 2031.
Show data table
Balance over time — data table
Year
Balance
0
$15,000
1
$12,376
2
$9,576
3
$6,589
4
$3,401
5
$0
Principal vs interest by year
How much of what you have paid is principal versus interest, year by year.
Principal vs interest by year
Year
Principal
Interest
2026
$1,291
$470
2027
$4,001
$1,281
2028
$6,894
$1,911
2029
$9,979
$2,347
2030
$13,272
$2,577
2031
$15,000
$2,610
Over the loan you repay $15,000 of principal and $2,610 of interest.
Show data table
Principal vs interest by year — data table
Year
Principal
Interest
2026
$1,291
$470
2027
$4,001
$1,281
2028
$6,894
$1,911
2029
$9,979
$2,347
2030
$13,272
$2,577
2031
$15,000
$2,610
Amortization schedule
The first 12 payments show by default. Open the full schedule for payment-by-payment detail, or switch to the yearly summary. On phones the schedule shows as compact cards.
Periodic payment, total interest, total paid, and payoff date
Loan eligibility — estimated borrowing capacity from income, EMIs, and FOIR/DTI
Extra-payment early payoff — interest saved and time saved
Interest-only, balloon, deferred lump-sum, and bond/present-value loans
Any payment frequency and compounding, in any currency
A full amortization schedule and downloadable Excel reports
Lender fees, taxes, insurance, and terms may vary — confirm with your lender. Updated 20 June 2026 · Works in any currency.
Your first $293.49 payment is $81.25 interest and $212.24 principal
A $15,000 personal loan at 6.5% over 60 months, with monthly payments and monthly compounding, settles at $293.49 a month, and the first of those payments is $81.25 interest and $212.24 principal. Interest is charged on the outstanding balance each period rather than on the original amount — the reducing-balance (amortizing) method behind EMI, auto and personal loans, not a flat-rate calculation — so the split shifts steadily toward principal while the payment itself never changes. Over the full term total interest reaches about $2,609.55, roughly 17.4% on top of what you borrowed, for a total paid of about $17,609.55.
In Loan Payment mode that periodic payment is the headline: what the loan costs each period once interest and principal are combined. Total interest and total paid give the lifetime cost, and the amortization schedule prints the interest-and-principal slice of every payment, so the drift from mostly-interest to mostly-principal is visible row by row. Add an extra amount per payment or once a year and the schedule rebuilds around a new payoff date, reporting the interest and the months that early payoff saves. The scenario panel holds those runs side by side, so a different rate or term is a comparison rather than a re-entry.
Principal→
Interest + Term→
Periodic Payment→
Outstanding Balance
The same formula run backwards, from a salary to a borrowing ceiling
Loan Eligibility mode runs the arithmetic in the other direction. Enter your monthly income, any existing EMIs, an FOIR/DTI limit, the rate and the tenure: the tool works out the most you can pay each month first — income × FOIR limit − existing EMIs — then discounts that payment back into the loan amount it would support. Because the ceiling is the present value of a payment you set, the FOIR limit moves it as hard as your salary does, so switching from a conservative setting to an aggressive one shows how much of your borrowing capacity is your own assumption rather than your income.
Amortized payment
M = P × i(1+i)ⁿ / ((1+i)ⁿ − 1)
P is the amount borrowed, i the rate per payment period, n the number of payments.
Eligible loan amount
PV = EMI × [1 − (1 + r)⁻ⁿ] / r
The present value of your affordable monthly EMI, where EMI = income × FOIR% − existing EMIs.
An eligibility ceiling is not an approval
The number is an educational estimate of borrowing capacity, not an approval, a pre-approval, or an offer of credit, and nothing here guarantees loan approval, a rate, or any specific terms. Actual eligibility depends on lender policy, your credit history and score, income and employment verification, existing obligations, collateral, and local regulations, and can differ substantially from the estimate. A lender will verify the income you typed and check the credit profile this page cannot see. Treat the ceiling as a planning limit, not a budget you have been granted.
Auto, personal and gold loans take the same three inputs
A fixed-rate installment loan needs three numbers here: amount, rate, term. For an auto loan, enter the amount financed — the price minus any down payment and trade-in — over a term that is typically 36 to 72 months, and you get the monthly payment, total interest and a full schedule; compare competing offers by APR rather than by rate, because dealer financing fees can differ. Personal loans are usually fixed-rate installment loans too, exactly what the standard mode models, so amount, rate or APR, and term return the payment, total interest and payoff date, with offers set beside each other in the scenario panel. A standard EMI-style home equity loan or gold loan takes the same three figures directly.
Repayment structure is where the fit ends. Some gold loans use bullet repayment or an interest-only period instead of equal installments; the amortizing mode does not model those, so use the interest-only, balloon or deferred lump-sum mode for that shape. Revolving debt such as a credit card cannot be modeled here at all, because the balance and the payment both move.
A fixed rate, payments on time, and a last payment trimmed to zero
Six things stay still unless you change them. The rate is fixed for the whole term. Payments are made in full and on schedule, with no late fees. No taxes, insurance, escrow, or lender fees are included unless you build them into the amount or the rate. Interest compounds at the frequency you select, and the default, monthly, matches most consumer loans. Currency is rounded to the cent each period, and the final payment is trimmed so a fully amortizing loan ends at exactly zero. Every figure is an estimate from the values you enter, not a lender quote or an offer of credit.
Variable-rate and adjustable-rate loans break the first of those six: once the rate resets, the schedule no longer describes the loan.
Why your lender’s payoff quote will not match this page
Small differences are normal. Lenders may include fees in an APR, use a different day-count or compounding convention, apply payments on specific dates, charge for escrow or insurance, or round differently. This page models principal and interest with the assumptions you choose, which is why it does not include all possible fees by default and is therefore not a full APR, and why it does not replace an official lender payoff quote. Rely on your lender’s documents for exact figures.
What this does not cover: lender fees, escrow, property taxes, insurance, PMI, late payments, variable or changing interest rates, and lender-specific compounding or rounding rules, unless you build them into the amount, rate, term, or extra payments above. Tax and accounting treatment of the interest is not modeled either.
Those limitations set what the page is for: choosing between offers, where the same assumptions sit on both sides and the gap cancels. Results depend entirely on the values you enter.
Related calculators
Tools that build on the same loan and interest math:
MortgageEstimate monthly payments, interest, taxes, insurance, PMI, and amortization using practical home-loan assumptions.
Auto LoanCalculate a car-loan payment from price, down payment, trade-in, rate, and term, including the total cost of financing.
Personal LoanEstimate repayments on an unsecured personal loan and see how the rate and term change what you pay overall.
APRTurn a loan rate plus fees into the true annual percentage rate so you can compare offers on equal terms.
Amortization ScheduleBuild a full payment-by-payment schedule showing how each instalment splits between principal and interest.
Debt ConsolidationCompare your existing debts against one new consolidation loan — monthly payment, payoff time, and total interest.
Car Lease vs BuyCompare ending wealth from leasing a car against buying it — monthly payment, car equity, and invested savings.
Interest LedgerSettle a private loan transaction by transaction — every advance, part-payment and rate change on its own date, under the day-count convention and allocation rule both sides agreed.
Credit Card PayoffPlan up to 20 cards with issuer-style minimums, promo APRs, five payoff orders, and a balance-transfer scenario.
Debt PayoffSimulate up to 20 debts with snowball, avalanche, custom, or hybrid payoff order and find your debt-free date.
Mortgage RefinanceCompare your current mortgage to a new rate and term — monthly saving and break-even time on closing costs.
Home AffordabilityEstimate the home price you can afford using the 28/36 debt-to-income rule on your income, debts, down payment, and rate.
Every figure on this page is arithmetic on the amounts you enter — nothing is fetched live, and the starting rates behind the Global, US and India presets are illustrative defaults you can overwrite, not quoted offers. The sources below cover the amortization formula, the interest-and-principal split, the debt-to-income test used by the eligibility mode, the balloon and compounding behaviour of the other modes, and the official rate series and lending rules for each region the calculator offers. Links open in a new tab.
This calculator is for educational and planning purposes only. It is not financial, lending, tax, accounting, or legal advice and is not a lender quote. It models principal and interest using standard fixed-rate math. Actual lender results can differ because of fees, APR, escrow, taxes, insurance, payment timing, compounding conventions, prepayment rules, late payments, and rounding. Verify with your lender or loan documents, and request an official payoff quote, before deciding.
How to Calculate Monthly Loan Payments Before Borrowing
The amortization formula behind a fixed monthly loan payment — worked through a real $15,000 example step by step, including what the number leaves out.
Published the loan calculator for monthly payment, total interest, payoff date, and amortization, plus an eligibility mode estimating how much you can borrow.
Added a downloadable Excel/CSV workbook generated from your inputs.
Added a full payment-by-payment schedule.
Added a Loan Eligibility / borrowing-capacity mode (income, existing EMIs, FOIR/DTI, rate, tenure) with scenario comparison, a chart, and a dedicated Excel report.
Reviewed the formula and assumptions for accuracy.
Show it to your clients, not just tell them
Mortgage brokers, accountants, and advisors embed this to walk clients through the numbers live — nothing they enter ever leaves their browser.