For any fixed-rate loan — personal, car, business. Fees and penalties are not included. Everything updates as you type.
Yearly amortization
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Calculate any loan in seconds: monthly payment (EMI), total interest and total repayment from the amount, rate and term, with a yearly repayment schedule.
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Calculate any loan in seconds: monthly payment (EMI), total interest and total repayment from the amount, rate and term, with a yearly repayment schedule.
A $15,000 personal loan at 9% over 4 years costs about $373 a month. Across the 48 payments you repay roughly $17,918 in total, of which about $2,918 is interest. Stretching the same loan to 6 years drops the payment to about $270 but pushes the interest past $4,460 — the table makes that trade-off impossible to miss.
The monthly payment uses the amortization formula payment = P × r ÷ (1 − (1 + r)^−n), where r is the monthly rate (annual rate ÷ 12) and n is the number of months; at 0% the payment is simply P ÷ n. The schedule applies each payment first to that month’s interest on the remaining balance, then to principal, and summarises the months into yearly rows so you can watch the balance come down. The yearly rows add up the twelve monthly interest and principal amounts and show the balance standing at each year end. All figures are in whatever currency you borrowed in — the formula is currency-blind.
EMI — equated monthly instalment — is the fixed amount you pay each month until the loan clears. It bundles interest and principal into one level payment; the mix inside it changes over time even though the payment itself does not. Lenders sometimes call the same thing a monthly instalment or simply a repayment — the structure is identical.
In total interest, yes: the balance is outstanding for longer, so more interest accrues — even though each monthly payment is smaller. More of your early payments are swallowed by interest, too, as the schedule makes plain. The worked example shows the same loan costing roughly $1,550 more in interest over 6 years than over 4.
Yes — any fixed-rate loan repaid monthly works the same way. Enter the amount you actually receive (after any fees deducted up front) for the closest match.
Then the payment is just the amount divided by the number of months, and the total interest is zero. The calculator handles that case directly.
It follows the standard amortization method lenders use, rounded to cents. A lender’s own schedule can differ by a few cents across the term because of rounding conventions and exact payment dates.