A loan quote usually comes with one number, the monthly payment. It rarely comes with the number that matters more.
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Loan & Mortgage Calculator
Get your monthly payment, full amortization schedule, and see how extra payments cut your payoff time. Calculated in your browser.
| Year | Principal paid | Interest paid | Remaining balance |
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How loan EMI and amortization are calculated
Monthly payment (EMI) = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. Each payment splits between interest (on the remaining balance) and principal — early payments are mostly interest, later ones mostly principal. Any extra monthly payment goes entirely to principal, which reduces future interest and shortens the loan.
Loan calculator FAQ
How is a loan EMI calculated?
EMI = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. This gives a fixed payment that covers both interest and principal over the loan term.
What is the difference between a loan calculator and a mortgage calculator?
They use the same amortization math — a mortgage is simply a loan secured against property. This calculator works for both personal loans, auto loans and home mortgages; just enter the loan amount, rate and term.
How much interest can I save by paying extra each month?
Extra payments go straight toward principal, which reduces the interest charged on every future payment and shortens the loan term. Even a modest extra amount can save thousands in interest and cut years off a mortgage — see the comparison above for your exact numbers.
Does this calculator include a full amortization schedule?
Yes. Scroll to the year-by-year breakdown table to see principal paid, interest paid and remaining balance for every year of the loan.
What is an amortization schedule?
An amortization schedule shows how each payment splits between interest and principal over the life of a loan. Early payments are mostly interest; later payments are mostly principal, even though the total payment stays the same.
Is this loan calculator free and private?
Yes. It runs entirely in your browser — no amounts are uploaded, stored or shared, and there is no sign-up.
Free loan & mortgage calculator by ANUPRESS
Why your early payments barely touch the balance
That missing number is how much of your payment is actually interest, especially in the first few years. Interest is charged on whatever you still owe, so early on, when you owe the most, most of your payment goes to interest and only a small part reduces the principal. That ratio flips gradually over the life of the loan, until the final payments are almost entirely principal. It’s the same payment amount every month; what changes is the split behind it, which is exactly what the amortization table below the calculator shows year by year.
What extra payments actually do
Anything you pay beyond the required monthly amount goes straight to principal, with no interest charged on it, ever. That has a compounding effect of its own: a lower principal means less interest charged next month too, which means even more of next month’s payment reduces principal. Small, consistent extra payments tend to shave years off a long mortgage for a fairly modest monthly increase. Enter an amount in the calculator to see your own numbers rather than a generic example.
Loan calculator or mortgage calculator? Same maths
A mortgage is a loan secured against property, and the payment calculation behind it is identical to a personal loan or car loan: principal, interest rate, and term. This tool works for any of them. The only real difference is that mortgages are usually much larger and run over a longer term, which is exactly the situation where extra payments and a full amortization schedule matter most.
This calculator assumes a fixed rate
Every payment is calculated at the interest rate you enter, held steady for the full term. That matches a US-style 30-year fixed mortgage reasonably well, but it won’t match a UK or Australian mortgage exactly if you’re on a 2 or 5-year fixed deal that reverts to a variable rate afterward, since the real payment will change when that happens. Treat the numbers here as what you’d pay if your current rate held for the whole term, and re-run the calculator with the new rate whenever your deal changes.