Loan / EMI Calculator

Calculate monthly payments, total interest, and payoff schedule.

This tool runs entirely in your browser. Your data is never uploaded, never stored, and never leaves your device.

Breaks a loan into its monthly payment, its total cost and its month-by-month amortisation, so you can see how much of each instalment is interest rather than principal.

How to use it

1Enter the loan amount, the annual interest rate and the term.
2Switch the term between Years and Months with the two buttons beside the field.
3Click "Show amortization table" to see every payment split into principal, interest and remaining balance.

Example

Input: 250000 at 6.5% over 30 years (the built-in defaults)
Output: Monthly payment $1,580.17 · total payment $568,861.22 · total interest $318,861.22

Interest here costs more than the house: the first payment puts $1,354.17 towards interest and only $226.00 towards the balance. A rate of 0 is allowed and simply divides the amount across the term.

What happens to your data

The payment comes from the standard amortisation formula evaluated with Math.pow in the page, and the schedule is built row by row in the same loop — no request is made and no figure is written to storage. Because nothing is persisted, reloading restores the hard-coded defaults of 250,000 at 6.5% over 30 years rather than what you last typed. The table is capped at the first 360 rows, so a longer term still computes in full but only displays 30 years of it.

Last updated August 2026

Two numbers decide whether a loan is affordable, and they pull in opposite directions. The monthly payment is the one a lender leads with. The total interest is the one nobody says out loud. Borrow $250,000 at 6.5% over 30 years and the payment is $1,580.17 — and $318,861.22 of what you hand back is interest, more than the sum you borrowed in the first place.

Type an amount, a rate and a term and both numbers appear together, with a month-by-month schedule one click away underneath them. There is no Calculate button: change the term from 30 years to 15 and all three figures move while you are still typing. Only one loan sits on screen at a time, so comparing two offers means retyping a number and reading the totals again — quicker than a spreadsheet, but not a side-by-side view.\n\nThe question behind a loan calculator is nearly always the same one: what will this cost me every month, and how much of that is interest rather than the thing I am buying. The arithmetic does not change with the label, so the same monthly payment calculator serves as a car loan calculator, a home loan calculator or a personal loan EMI calculator \u2014 only the numbers you type differ. Use it as an interest calculator too: the total interest figure is usually the number that changes a decision, not the monthly one.

How it works

Toolvore evaluates the standard amortisation formula in the page: the monthly rate is the annual rate divided by twelve and then by a hundred, and the instalment is the principal times that rate times (1 + rate) raised to the number of months, all over the same power minus one, with Math.pow doing the exponent. A rate of exactly zero turns that expression into 0 ÷ 0, so it is special-cased to the amount spread evenly across the term — which is precisely what an interest-free instalment plan is. The schedule is then built a row at a time from the unrounded instalment: each month's interest is the outstanding balance times the monthly rate, what is left of the payment comes off the balance — never more than the balance itself, so the final row lands on zero rather than overshooting — and the next row starts from what remains. Working unrounded is also why the total reads $568,861.22 rather than the $568,861.20 you get by multiplying the displayed $1,580.17 by 360. The three headline figures always cover the full term, but the table stops at 360 rows: ask for a 40-year loan and the last row you can see is month 360, with $128,900.76 still outstanding and ten years of schedule you cannot scroll to. Nothing is sent to a server, and none of the figures you type are kept.

Common use cases

Comparing two loan offers on total cost rather than on the monthly payment each lender leads with
Working out the instalment on a car or personal loan quoted in months — switch the term to Months and type 60
Checking whether a shorter mortgage term is worth the higher payment before committing to 25 or 30 years
Seeing how many years pass before more of a payment goes on the balance than on interest
Costing an interest-free instalment plan — enter 0 as the rate and the amount simply divides across the months

Frequently asked questions

Why is nearly all of my first payment interest?＋

Because interest is charged on what you still owe, and at the start you owe everything. On $250,000 at 6.5% over 30 years the first payment puts $1,354.17 towards interest and $226.00 towards the balance — 86% of it never touches the debt. It stays lopsided far longer than most people expect: principal does not overtake interest until month 233, nineteen years and five months in, and at the halfway mark of month 180 the balance is still $181,397.85, meaning more than $284,000 paid has cleared $68,602.15. Open the amortisation table and you can watch the two columns cross.

What does EMI actually mean?＋

Equated monthly instalment — the term Indian and other South Asian lenders use for the fixed amount you pay every month until the loan is cleared. 'Equated' is the load-bearing half: the instalment itself never changes, only the split between interest and principal inside it does. It is the same number a British or American lender calls the monthly payment, produced by the same formula, which is why one calculator answers both.

Is this a mortgage calculator?＋

It does the borrowing half of one, and no more. Give it the amount you are actually borrowing — the price minus your deposit — and you get the principal-and-interest payment, which is the figure a lender quotes. There is no field for a deposit, and nothing is added for property tax, buildings insurance, mortgage insurance, service charges or arrangement fees, so it will not tell you what a house costs you a month. Read the result as the loan payment and add the rest yourself.

Can I see what paying extra each month would do?＋

No, and that is the honest gap here. There are three inputs — amount, rate and term — with no overpayment field, no lump-sum field and no way to recalculate the schedule after an early payment. What you can do is compare terms, which gets at the same trade from the other end: that $250,000 at 6.5% over 15 years instead of 30 costs $2,177.77 a month rather than $1,580.17, which is $597.60 more, and cuts total interest from $318,861.22 to $141,998.31 — a saving of $176,862.91. Stretching the other way to 40 years saves only $116.53 a month and adds $133,686.95 in interest.

Why are the results in dollars?＋

Because the formatting is fixed to US dollars and there is no currency selector. That is a real gap rather than an assumption about where you live. The arithmetic is unaffected: 250,000 at 6.5% over 30 years produces the same instalment and the same total interest whether those units are dollars, pounds, euros or rupees, because nothing in the formula knows what currency it is counting. Read the dollar sign as a stand-in for yours.

Do the numbers I type go anywhere?＋

No. It is arithmetic — a handful of multiplications and one call to Math.pow — and all of it happens in the page. Nothing is uploaded, none of your figures are written to storage, and once the page has loaded it keeps working with the network disconnected. What you type here is a fairly precise picture of your finances, so that matters more on this page than it does on a word counter.