Finance calculator

Loan Calculator

Estimate monthly payments, total interest, amortization, and borrowing capacity for personal, auto, student, and small-business loans or a fixed-rate mortgage — from income, EMI ratio, rate, and tenure.

Calculator

Loan calculator

Enter your loan details

Pick a loan type, enter the numbers, and the payment, total interest, payoff date, and full schedule update instantly. Works in any currency.

Loan type

A normal amortising loan: a fixed payment each period until the balance reaches zero.

Loan details$15,000 · 6.50% · 5y

The core loan: how much you borrowed, the rate, and the term.

$

The amount borrowed (the starting balance).

%

Annual rate. Decimals supported, e.g. 6.5. Enter 0 for interest-free.

Whole years.

Extra months on top of the years.

60 monthly payments in total over the term.

Advanced optionsMonthly · Monthly compounding

Payment frequency, compounding, and the start date. The defaults (monthly, monthly compounding) match ordinary consumer loans.

How often you make a payment.

How often interest is added to the balance.

Used to label the payment dates and payoff date.

Result rounding

Affects display only — the math is always to the cent.

Payment per month

$293

60 payments · payoff Jun 2031.

Exports your inputs, payment summary, amortization schedule, scenario comparison, formulas, assumptions, and disclaimer.

Your XLSX report includes:

SummaryInputsAmortization scheduleYearly summaryScenario comparisonCharts dataFormula & methodologyDisclaimer & disclosure
Built in your browser from your inputs · nothing uploaded or stored on a server

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 $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.

The balance reaches zero at Jun 2031.

Show data table
Balance over time — data table
YearBalance
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.

Over the loan you repay $15,000 of principal and $2,610 of interest.

Show data table
Principal vs interest by year — data table
YearPrincipalInterest
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.

monthly amortization schedule in USD
#DateBeginningPaymentExtraPrincipalInterestEndingCum. interest
1Jul 2026$15,000$293.49—$212.24$81.25$14,788$81
2Aug 2026$14,788$293.49—$213.39$80.10$14,574$161
3Sep 2026$14,574$293.49—$214.55$78.94$14,360$240
4Oct 2026$14,360$293.49—$215.71$77.78$14,144$318
5Nov 2026$14,144$293.49—$216.88$76.61$13,927$395
6Dec 2026$13,927$293.49—$218.05$75.44$13,709$470
7Jan 2027$13,709$293.49—$219.23$74.26$13,490$544
8Feb 2027$13,490$293.49—$220.42$73.07$13,270$617
9Mar 2027$13,270$293.49—$221.61$71.88$13,048$689
10Apr 2027$13,048$293.49—$222.81$70.68$12,825$760
11May 2027$12,825$293.49—$224.02$69.47$12,601$829
12Jun 2027$12,601$293.49—$225.23$68.26$12,376$898

This loan calculator works two ways. In Loan Payment mode it estimates the monthly payment, total interest, total paid, payoff date, and a full amortization schedule for a fixed-rate loan. In Loan Eligibility mode it estimates how much you could borrow — your borrowing capacity — from your income, existing EMIs, an FOIR/DTI limit, the rate, and the tenure.

What this tool shows

  • 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.

How to read your result

In Loan Payment mode, the headline number is the periodic payment — what a fixed-rate loan actually costs each period once interest and principal are combined. Total interest and total paid show the full lifetime cost, and the amortization schedule breaks every payment into its interest and principal slice, so you can see the split move from mostly-interest at the start to mostly-principal near the end. Add extra payments to see the new payoff date and how much interest that saves. In Loan Eligibility mode the logic runs in reverse: from your income, existing EMIs, and an FOIR/DTI limit, the tool works out your affordable monthly payment first, then converts that into an estimated loan amount — a planning ceiling, not an approval. Use the scenario comparison to test a different rate, term, or FOIR limit side by side before you download the workbook.

Loan formulas

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.

Worked example

A $15,000 personal loan at 6.5% over 60 months (monthly payments, monthly compounding) produces a payment of $293.49 a month. Total interest comes to about $2,609.55 — roughly 17.4% on top of what you borrowed — for a total paid of about $17,609.55. The first payment is $81.25 interest and $212.24 principal; because interest is charged on the outstanding balance, that split shifts steadily toward principal as the balance falls, even though the payment itself never changes.

Assumptions

  • The rate is fixed for the whole term unless you change it.
  • 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 rate.
  • Interest compounds at the frequency you select; the default (monthly) matches most consumer loans.
  • Currency is rounded to the cent each period; the final payment is trimmed so a fully amortizing loan ends at exactly zero.
  • Results are estimates from the values you enter — not a lender quote or an offer of credit.

Limitations

  • It does not replace an official lender payoff quote.
  • It does not guarantee loan approval, a rate, or any specific terms.
  • It does not include all possible fees by default, so it is not a full APR.
  • Variable-rate and adjustable-rate loans behave differently once the rate changes.
  • Revolving debt (credit cards) and tax or accounting treatment are not modeled.
  • Results depend entirely on the values you enter.

What is not included: 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.

Frequently asked questions

Can I use this for an auto loan?

Yes. Enter the amount financed (the price minus any down payment and trade-in), the rate, and the term — typically 36 to 72 months — and you will get the monthly payment, total interest, and a full schedule. For a true total cost, compare offers by APR rather than rate, since dealer financing fees can differ.

Can I use this for a personal loan?

Yes. Personal loans are usually fixed-rate installment loans, which is exactly what the standard mode models. Enter the loan amount, the rate or APR, and the term to see the payment, total interest, and payoff date, and compare offers side by side in the scenario panel.

Why is my lender’s number different?

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 calculator models principal and interest with the assumptions you choose, so use it as a close estimate and rely on your lender’s documents and payoff quote for exact figures.

How much loan can I get based on my salary?

Switch to Loan Eligibility mode and enter your monthly income, any existing EMIs, an FOIR/DTI limit, the rate, and the tenure. The tool first works out the most you can pay each month (income × FOIR limit − existing EMIs), then converts that into an estimated loan amount. It is an educational estimate of borrowing capacity, not a quote — a lender will also check your credit profile and verify income.

Is the eligibility estimate a loan approval?

No. It estimates how much you might be able to borrow based only on the numbers you enter. It is not an approval, a pre-approval, or an offer of credit. 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.

Related calculators

Tools that build on the same loan and interest math:

  • Mortgage CalculatorEstimate monthly payments, interest, taxes, insurance, PMI, and amortization using practical home-loan assumptions.
  • Auto Loan CalculatorCalculate a car-loan payment from price, down payment, trade-in, rate, and term, including the total cost of financing.
  • Personal Loan CalculatorEstimate repayments on an unsecured personal loan and see how the rate and term change what you pay overall.
  • APR CalculatorTurn a loan rate plus fees into the true annual percentage rate so you can compare offers on equal terms.
  • Amortization Schedule CalculatorBuild a full payment-by-payment schedule showing how each instalment splits between principal and interest.

Read the guides

For the amortization formula worked through step by step, see How to Calculate Monthly Loan Payments Before Borrowing.

For why early payments barely touch the balance, see How Amortization Works: Principal, Interest, and Loan Balance Explained.

Finance disclaimer

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 we calculate · Found an error? email us

Learn more

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.

Read the guide

Authorship & verification

Written and maintained by

  • Formula and examples verified on 20 June 2026
  • Educational estimate only

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