LoanCalc — Free Loan & EMI Calculator with Amortization Schedule

How to Use the Loan Calculator

1. Enter the loan amount, annual interest rate, and loan term in years or months.
2. Select a loan type preset (personal, mortgage, auto, student) to auto-fill typical rates.
3. View your monthly payment (EMI), total payment, and total interest in the summary.
4. Scroll down for the full amortization table showing each month's principal/interest breakdown.

Why Calculate Your Loan Before Borrowing

Understanding the true cost of a loan before signing is one of the most important financial decisions you can make. A $300,000 mortgage at 6.5% over 30 years costs over $382,000 in interest alone — more than the loan principal. Knowing this upfront lets you compare lenders, evaluate whether to make extra payments, or decide between a 15-year and 30-year term.

The amortization table reveals something many borrowers miss: in the early years, most of your payment goes toward interest, not principal. On a 30-year mortgage, you will pay off less than 20% of the principal in the first 10 years. This calculator makes that reality visible, empowering you to make informed decisions about extra payments and refinancing.

Frequently Asked Questions

• What is an EMI?
  EMI (Equated Monthly Installment) is the fixed monthly payment that covers both principal and interest. It stays constant for fixed-rate loans throughout the entire loan term.
• How does an extra monthly payment affect the loan?
  Extra payments reduce the principal faster, which reduces future interest charges. Even small extra payments early in a long loan term can save thousands in total interest and cut years off the repayment period.
• What is the difference between APR and interest rate?
  The interest rate is the annual cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees and other loan costs, giving a more complete picture of the loan's true cost.