Reducing balance
This page figures interest each month on what you still owe. Early payments go mostly to interest. Later payments go mostly to what you borrowed. EMI means the same thing: one fixed monthly payment.
Free loan math, no sign up
What will your loan cost each month?
Type in the loan amount, yearly rate, and term. Add an extra monthly payment if you want. Your monthly payment is what you pay each month. Interest is the extra money the loan costs. You also see the first 12 months step by step, a yearly payoff plan, and a flat rate comparison.
Educational use only. These are estimates from the numbers you type. This is not financial advice or a loan offer. Talk to a qualified professional before you borrow.
Your numbers
Enter amount, rate, and term, then press Calculate payment.
Reminder: estimates only. Not financial advice. Lenders add fees, taxes, and insurance. This page does not count those.
What the rate means
How the rate works, in plain words.
Flat rate
A flat rate charges interest on the full starting amount for the whole term. That is amount times rate times years. The comparison row shows how much more that costs than the same percent on a reducing balance.
APR in one line
APR rolls fees and timing into one yearly percent so loans compare fairly. This page counts rate only, with no fees. Treat the result as a starting point before fees.
Common questions
Is EMI the same as monthly payment?
Yes. EMI means a fixed monthly payment. It uses the same math as the monthly payment on this page.
Why is the first year mostly interest?
Each month, interest equals what you still owe times the monthly rate. At the start the balance is large, so interest takes most of the payment. As the balance falls, more of the payment lowers what you borrowed.
Do extra payments always help?
On this page, extra money lowers what you owe right away. That shortens the loan and cuts total interest. Real loans may add early payoff fees or rules. Check your contract.
What is missing from these numbers?
Fees, taxes, insurance, changing rates, and late charges. This page counts the loan amount and the rate only.
Your numbers stay with you.
This tool runs in your browser. It does not upload figures, set cookies, save loans, or load analytics or ad scripts. Your host still sees ordinary page requests, like any site.
Results are educational estimates, not financial advice, a quote, or an offer of credit. Please talk to a qualified professional.