Mortgage Calculator & Loan EMI

EMI (equated monthly installment) is the fixed amount you pay each month on a loan. Early payments are mostly interest; as the balance falls, more of each payment goes to the principal, but the total stays the same.

M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the yearly rate ÷ 12 ÷ 100 and n is the number of months. 100,000 at 9% for 5 years is 2,075.84 a month.

A flat rate charges interest on the original amount for the whole term, even as you repay it, so it costs much more than the same reducing-balance rate. A 10% flat rate over 5 years works out at about 17.3% reducing. This calculator uses reducing balance (APR); if a lender quotes a flat rate, ask for the APR.

Principal and interest, plus any property tax, home insurance, PMI and HOA fees you add. Lenders often collect tax and insurance through an escrow account as part of the monthly payment.

In the US, lenders must cancel PMI automatically when the balance is scheduled to reach 78% of the home's original value, and you can ask to cancel it at 80%. The calculator stops it at 78%. Other countries use different mortgage insurance rules.

Yes, because every extra amount reduces the balance that interest is charged on for the rest of the loan. On a 200,000 mortgage at 6% over 30 years, 200 extra a month saves about 79,800 in interest and finishes 9 years early. Check your loan allows prepayment without a penalty.

Add up the interest in every payment — the calculator shows it as total interest and in the schedule. On a 200,000 mortgage at 6% over 30 years the monthly payment is 1,199.10, and over 360 payments you pay about 231,676 in interest on top of the 200,000 borrowed.

A shorter term costs more each month but far less overall. Borrowing 200,000 at 6%, a 15-year loan is 1,687.71 a month with about 103,788 of interest, against 1,199.10 a month and 231,676 for 30 years. In practice 15-year loans are often offered at a lower rate too, which widens the gap; the 30-year loan leaves more room in your monthly budget.

More than many people expect over a long term. A 200,000 30-year mortgage is 1,199.10 a month at 6% and 1,330.60 at 7% — 131.50 more each month and about 47,341 more interest in total. Try a few rates in the calculator to see the difference for your own loan.

The payment is simply the amount borrowed divided by the number of months, and there is no interest. A 24,000 car loan at 0% over 48 months is 500.00 a month. Check the deal for fees or a higher cash price that may replace the interest.

Yes. Use the CSV button under the schedule to download every month's payment, principal, interest, extra payment and remaining balance (and PMI, if it applies). It opens in Excel, Google Sheets or Numbers. You can switch the on-screen schedule between monthly and yearly views.

No. Everything is calculated in your browser and nothing is saved or uploaded. The starting currency is guessed from your device's time zone, on your device.