Calculate your exact monthly payment, total interest, and full repayment schedule for any loan โ in any currency, anywhere in the world.
| Month | Payment | Principal | Interest | Balance |
|---|
A loan calculator (also called an EMI calculator or mortgage calculator) estimates your fixed monthly payment for any loan โ based on the loan amount, annual interest rate, and repayment period. It shows you exactly how much you will pay each month, how much total interest you will pay over the life of the loan, and provides a full month-by-month payment breakdown.
Our calculator works for every country and currency โ from US dollars and British pounds to Indian rupees, Nigerian naira, Brazilian real, and beyond. Whether you call it a mortgage payment, EMI, or monthly instalment โ the maths is the same worldwide.
Monthly Payment = [P ร R ร (1+R)^N] รท [(1+R)^N โ 1]
| Rate | 10 Years | 15 Years | 20 Years | 25 Years | 30 Years |
|---|---|---|---|---|---|
| 4% | $1,012 | $740 | $606 | $528 | $477 |
| 5% | $1,061 | $791 | $660 | $585 | $537 |
| 6% | $1,110 | $844 | $716 | $644 | $600 |
| 7% | $1,161 | $899 | $775 | $707 | $665 |
| 8% | $1,213 | $956 | $836 | $772 | $734 |
| 12% | $1,435 | $1,200 | $1,101 | $1,053 | $1,029 |
| 18% | $1,803 | $1,603 | $1,529 | $1,504 | $1,497 |
Multiply these figures by your loan amount factor. E.g. for a ยฃ250,000 loan, multiply by 2.5.
| Tenure | Monthly Payment | Total Interest | Total Repaid |
|---|---|---|---|
| 10 years | $2,220 | $66,400 | $266,400 |
| 15 years | $1,688 | $103,840 | $303,840 |
| 20 years | $1,432 | $143,680 | $343,680 |
| 30 years | $1,199 | $231,640 | $431,640 |
Based on a $200,000 loan at 6% interest. A 30-year mortgage costs $165,240 more in interest than a 10-year mortgage on the same loan.
Use the formula: Monthly Payment = [P ร R ร (1+R)^N] รท [(1+R)^N โ 1] where P is the loan amount, R is the monthly interest rate (annual รท 12 รท 100), and N is total months. Or use our calculator above โ enter your amount, rate, and years for an instant result in any currency.
An amortization schedule shows every single loan payment broken into principal and interest. Early payments are mostly interest; later payments are mostly principal. Our calculator shows the full schedule monthly or yearly โ so you can see exactly how your balance reduces over time.
In most cases yes โ paying off early saves significant interest. One extra payment per year on a 30-year $300,000 mortgage at 7% cuts about 5 years off the loan and saves over $60,000 in interest. Check for prepayment penalties first โ some lenders charge fees for early repayment.
Most lenders use the 36% rule: total monthly debt payments should not exceed 36% of gross monthly income. Some allow up to 43%. For a $5,000/month income, maximum EMI โ $1,800 โ qualifying for roughly $270,000 at 7% over 30 years. Use our calculator to find the right amount for your budget.
EMI (Equated Monthly Installment) is the term used in South Asia and the Middle East. "Mortgage payment" or "monthly instalment" is the equivalent in the US, UK, Canada, and Australia. Both mean the same thing: a fixed amount paid monthly covering principal repayment plus interest.
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