— Loans & Debt
Loan Calculator
Work out any part of a loan — the EMI, how much you can borrow, the tenure, or the rate — with the full repayment picture.
EMI (monthly payment)
$2,699.18
- Principal (loan amount)
- $300,000
- Total interest payable
- $347,802.69
- Total payment
- $647,802.69
— Year by year
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $32,390.13 | $5,618.13 | $26,772 | $294,381.87 |
| Year 2 | $32,390.13 | $6,145.15 | $26,244.98 | $288,236.72 |
| Year 3 | $32,390.13 | $6,721.61 | $25,668.53 | $281,515.11 |
| Year 4 | $32,390.13 | $7,352.14 | $25,037.99 | $274,162.97 |
| Year 5 | $32,390.13 | $8,041.82 | $24,348.31 | $266,121.15 |
| Year 6 | $32,390.13 | $8,796.2 | $23,593.93 | $257,324.95 |
| Year 7 | $32,390.13 | $9,621.35 | $22,768.79 | $247,703.6 |
| Year 8 | $32,390.13 | $10,523.89 | $21,866.24 | $237,179.71 |
| Year 9 | $32,390.13 | $11,511.11 | $20,879.03 | $225,668.6 |
| Year 10 | $32,390.13 | $12,590.93 | $19,799.21 | $213,077.67 |
| Year 11 | $32,390.13 | $13,772.05 | $18,618.09 | $199,305.62 |
| Year 12 | $32,390.13 | $15,063.96 | $17,326.18 | $184,241.67 |
| Year 13 | $32,390.13 | $16,477.06 | $15,913.07 | $167,764.61 |
| Year 14 | $32,390.13 | $18,022.72 | $14,367.41 | $149,741.88 |
| Year 15 | $32,390.13 | $19,713.38 | $12,676.76 | $130,028.5 |
| Year 16 | $32,390.13 | $21,562.63 | $10,827.5 | $108,465.87 |
| Year 17 | $32,390.13 | $23,585.35 | $8,804.78 | $84,880.52 |
| Year 18 | $32,390.13 | $25,797.82 | $6,592.31 | $59,082.7 |
| Year 19 | $32,390.13 | $28,217.84 | $4,172.3 | $30,864.86 |
| Year 20 | $32,390.13 | $30,864.86 | $1,525.27 | $0 |
— Principal vs interest paid
Download— How it works
EMI = P · i · (1 + i)ⁿ ÷ [(1 + i)ⁿ − 1]; leave any one of EMI, P, n or i blank and it solves for that.
One calculator, four questions
Most loan calculators only run one way — you give the amount, rate and tenure, and they hand back the EMI. But the question you actually have is often the other way round: “what can I borrow if I can pay £400 a month?”, “how long until this is cleared?”, or “what rate would make this affordable?”. This tool solves for whichever one you leave as the target, from the three you know.
Pick what to calculate at the top. The EMI is the standard case; loan amount answers how much you can borrow for a given payment; tenure tells you how long a chosen payment takes to clear the debt; and interest rate — which has no neat formula and is solved numerically — backs out the rate implied by an amount, a payment and a term.
Worked example — borrow $300,000 at 9% over 20 years (monthly): EMI ≈ $2,699 a month. Total interest over the term ≈ $347,800 — more than the amount borrowed. Total repaid ≈ $647,800.
Where the money goes: the amortization
A level instalment hides a shifting split. Early on, most of each payment is interest, because interest is charged on a large outstanding balance; only a sliver chips away at the principal. As the balance falls, the interest portion shrinks and the principal portion grows, so the loan clears faster and faster near the end. The schedule and the chart show this year by year, and the donut view gives the headline split of total principal versus total interest.
It is also why prepaying early is so powerful: a payment made when the balance is high cancels years of future interest on that amount.
Fees, the true rate, and prepayments
A loan’s headline rate is rarely its true cost. A processing fee — a percentage or a flat charge — is money you pay to borrow, so the effective rate (APR) you are really paying is higher than the quoted rate. Enter a fee and the calculator shows both the total cost including it and that effective APR, which is the fair number for comparing offers.
Prepayment is the borrower’s best lever. Add a regular extra payment and the calculator re-amortises the loan: the balance falls faster, less interest accrues, and the term shortens. It reports the interest saved and the revised, earlier payoff — usually a striking amount for a modest extra each month.
What this version covers
This calculator models level-instalment loans with optional fees and recurring prepayments. A few specialised features — a moratorium (delayed first payment), a balloon final payment, and dating the schedule from a start date — are not included here; for a standard repaying loan, the figures above are complete.
— Reader questions
Can I work out how much I can borrow from an EMI I can afford?
Yes. Choose “Loan amount” at the top and enter the EMI you can manage, the interest rate and the tenure. The calculator returns the maximum loan that payment supports — useful for setting a budget before you shop for a loan.
How is the interest rate solved?
There is no algebraic formula for the rate given an amount, payment and term, so the calculator finds it numerically — searching for the rate that makes the payment exactly repay the loan over the tenure. Choose “Interest rate” mode and supply the other three.
What is the effective rate (APR)?
It is the true annual cost once any processing fee is treated as part of the borrowing. Because the fee is money you pay to get the loan, the APR is higher than the quoted interest rate, and it is the right figure for comparing loans with different fees.
How much does prepaying really save?
Often a lot, especially early in the loan when the balance — and so the interest — is highest. Enter a recurring extra payment and the calculator shows the interest saved and how many months or years sooner the loan clears.
Why is the total interest sometimes more than the loan?
On a long loan at a normal rate, yes — two decades of interest on a slowly falling balance adds up to more than the principal. Shortening the tenure or prepaying cuts it sharply, which the calculator lets you test instantly.
Does it handle quarterly or annual payments?
Yes — set the payment frequency under Advanced options. The EMI, interest and schedule all adjust to the chosen frequency.