Eyrie Calculators
Simple money tools. Free, private, no sign-up
Calculators / Loan & EMI
Loan Payment & EMI Calculator
Work out your monthly payment, total interest and how extra payments shorten the loan.
1. Your loan
2. What you will pay
Monthly EMI
$1,491
Total interest
$157.9K
Total you pay
$357.9K
Done in
20y 0m
Where your money goes
- Loan (principal) 56%
- Interest 44%
How the balance drops
- Loan balance
Interest is 79% of what you borrow. Try adding an extra monthly payment to see how much time and interest you save.
Year-by-year
For education only, not investment advice. Calculated in your browser; nothing you enter is saved or sent anywhere. Real returns vary.
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How it works
The EMI formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate (yearly rate ÷ 12) and n the number of months. In early years most of each payment is interest; over time more goes to principal.
Extra payments
Paying extra each month reduces the outstanding principal faster, so you pay less interest and finish earlier. The calculator shows the time and interest saved compared with paying only the regular payment.
Worked examples
A 20-year loan
Borrowing 200,000 at 6.5% for 20 years means a monthly payment of about 1,491 and total interest of about 157,875.
With 200 extra a month
The same loan finishes in about 15 years 10 months, 50 months sooner, and saves about 37,525 in interest.
Tips for using it well
- Compare loans by total interest, not just the monthly payment.
- Early extra payments save the most, because interest is highest at the start.
- A shorter term raises the payment but cuts total interest sharply.
- Check for prepayment charges with your lender before paying extra.
Frequently asked questions
How is a monthly loan payment (EMI) calculated?
It uses the loan amount, monthly interest rate and number of months in the standard reducing-balance formula shown above.
How much interest will I pay on a 20-year loan?
At 6.5%, a 200,000 loan costs about 157,875 in interest over 20 years. Change the sliders to see your own case.
Does an extra payment reduce the payment or the term?
This calculator keeps the payment the same and shortens the term, which usually saves the most interest. Your lender's rules may differ.
Does this work for a mortgage, car loan or personal loan?
Yes, any fixed-rate loan with equal monthly payments. Variable rates, balloon payments and fees are not modelled.
Do these figures include fees?
No. Processing fees, insurance, property tax and other charges are not included.
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