Loan & EMI Calculator

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Loan summary

Payment per period: 0
Total paid: 0
Total interest: 0
Payoff time: -

Extra payment impact

Understanding Your Loan

The amortization schedule shows how each payment is split between principal (loan amount) and interest. Early payments have more interest, while later payments reduce more principal. Extra payments can significantly reduce total interest and shorten your loan term.

💰 Smart Money Tip:

Making even small extra payments early in your loan can save thousands in interest! Use our Savings Calculator to see how you can allocate funds for extra payments.

Loan Payment Formula (EMI)

EMI = P × r × (1 + r)ⁿ / [(1 + r)ⁿ - 1]
Where:
EMI = Equated Monthly Installment (payment per period)
P = Principal loan amount
r = Periodic interest rate (APR / periods per year)
n = Total number of payments (years × periods per year)

Factors Affecting Your Loan Payment

Factor	Increase Effect	Recommendation
Interest Rate	Higher payment & total interest	Shop around for best rates
Loan Term	Lower payment, higher total interest	Shorter term saves interest
Loan Amount	Proportionally higher payment	Larger down payment reduces loan
Extra Payments	Reduces term & total interest	Even $50/month makes a difference

Loan Management Strategies

Refinance when rates drop: Even a 0.5-1% reduction can save significantly over the loan term.
Biweekly payments: Pay half your monthly payment every two weeks - results in 13 full payments per year instead of 12.
Round up payments: If your payment is $827, pay $900. The extra goes directly to principal.
Annual lump sums: Use tax refunds or bonuses to make extra payments once or twice a year.
Avoid prepayment penalties: Confirm your loan allows extra payments without fees.

Financial Planning: Savings Goal Calculator • VAT & Sales Tax Calculator

Actual terms may vary. Confirm figures with your lender.

Loan & EMI Calculator

Loan & Mortgage Calculator

Loan summary

Extra payment impact

Amortization preview (first 12 payments)