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EMI Calculator
Calculate your monthly instalment, total interest and total repayment for any loan.
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Quick Tools
Loan Calculator
Enter a loan, a rate and a term to get the regular payment, then add an extra amount each month to see how much sooner you would be debt free.
- Extra payment planner
- Interest saved
- Yearly schedule
Loan and extra payments
See your regular payment, then test what paying a little more each month does to the end date and the interest.
Total monthly payment: 1,838.02
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 5,982.35 | 16,073.86 | 244,017.65 |
| 2 | 6,383.00 | 15,673.21 | 237,634.64 |
| 3 | 6,810.48 | 15,245.73 | 230,824.16 |
| 4 | 7,266.59 | 14,789.62 | 223,557.57 |
| 5 | 7,753.25 | 14,302.96 | 215,804.31 |
| 6 | 8,272.50 | 13,783.71 | 207,531.81 |
| 7 | 8,826.53 | 13,229.69 | 198,705.29 |
| 8 | 9,417.66 | 12,638.56 | 189,287.63 |
| 9 | 10,048.37 | 12,007.84 | 179,239.26 |
| 10 | 10,721.33 | 11,334.88 | 168,517.93 |
| 11 | 11,439.36 | 10,616.86 | 157,078.57 |
| 12 | 12,205.47 | 9,850.74 | 144,873.09 |
| 13 | 13,022.90 | 9,033.32 | 131,850.20 |
| 14 | 13,895.06 | 8,161.15 | 117,955.13 |
| 15 | 14,825.64 | 7,230.57 | 103,129.49 |
| 16 | 15,818.54 | 6,237.67 | 87,310.95 |
| 17 | 16,877.94 | 5,178.27 | 70,433.01 |
| 18 | 18,008.29 | 4,047.93 | 52,424.72 |
| 19 | 19,214.34 | 2,841.88 | 33,210.38 |
| 20 | 20,501.16 | 1,555.06 | 12,709.23 |
| 21 | 12,709.23 | 279.48 | 0.00 |
The table shows the schedule with your extra payment applied (248 months).
Regular monthly payment
1,688.02
Total interest, no extra256,405.37
Paid off after25 yr 0 mo
Total interest, with extra204,113.00
Paid off after20 yr 8 mo
Time saved4 yr 4 mo
Interest saved52,292.37
Check with your lender that extra payments go towards the principal and that there is no early repayment charge.
How a loan is repaid, and what extra payments change
Most personal, car and home loans are amortised: you pay a fixed amount each month, and that amount is split between interest and principal. Understanding the split explains why small extra payments have such a large effect.
How the monthly payment is set
The lender works out the fixed payment that will leave the balance at exactly zero after the last month. Each month, interest is charged on whatever you still owe, and the rest of the payment reduces the balance. Early on the balance is high, so most of the payment is interest. Later the balance is smaller, so most of the payment is principal.
Why extra payments are powerful
Any extra money that goes to principal lowers the balance immediately. Next month, interest is charged on a smaller number, so slightly more of your regular payment also goes to principal. The effect compounds in your favour, which is why a modest extra amount can remove years from a long loan.
| Extra per month | Paid off after | Interest paid |
|---|---|---|
| 0 | 25 years | 256,405 |
| 100 | 21 years 11 months | 218,734 |
| 300 | 17 years 8 months | 170,668 |
| 500 | 14 years 11 months | 140,737 |
Figures are calculated with the same method as the tool and rounded to the nearest whole number. Enter your own figures for exact results.
Using the calculator
- 1Enter the amount borrowed, the annual interest rate and the term in years.
- 2Note the regular monthly payment.
- 3Add an extra monthly amount to see the new payoff time and the interest you would save.
- 4Use the yearly table to see how the balance falls.
Before you borrow
- Compare the total cost, not just the monthly payment.
- Keep an emergency fund before sending every spare pound or dollar to the lender.
- Pay high-rate debt first, such as credit cards, ahead of low-rate loans.
- Avoid stretching the term only to make the payment look affordable.
Related calculators
The EMI Calculator gives a yearly breakdown for a fixed instalment, the Simple Interest Calculator handles flat-rate loans, and the Compound Interest Calculator shows how savings grow.
Frequently asked questions
Is it better to make extra loan payments?
Usually yes, if the loan has no early repayment fee and the extra goes to the principal. You pay less interest overall and finish sooner.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is largest at the start. As the balance falls, more of each payment goes to principal.
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