Loan, Mortgage, EMI Calculator

Loan, Mortgage and EMI Calculator Enter the amount, the interest rate and the term. You get the monthly payment straight away, along with the total interest and the total amount you will repay over the life of the loan. Everything recalculates as you type, so you can move the rate a tenth of a percent or add a year to the term and watch what it does to the payment. A calculator for every kind of loan Start from a preset for a home loan, a car loan or a personal loan, or type in your own figures for anything else. A student loan works the same way: enter the balance, the rate and the years remaining and you get the monthly payment and the interest cost. The maths behind an auto loan, a mortgage and a personal loan is identical, so one clean calculator covers all of them. Mortgage numbers before you talk to anyone On a mortgage, a small difference in the rate is worth thousands of dollars over thirty years. Run the payment at the rate you were quoted, then run it again at the rate you are hoping for, and the gap in total interest tells you what the negotiation is actually worth. The term does the same thing: fifteen years against thirty changes both the monthly payment and the lifetime interest dramatically. The full amortization schedule Every calculation comes with a month by month amortization schedule. For each payment you can see how much goes to principal, how much goes to interest, and what the remaining balance is. It is the clearest way to understand why the first years of a loan feel like they go nowhere: early payments are mostly interest, and the schedule shows exactly when that turns around. Payoff date and extra payments Add a prepayment and the calculator works out the new payoff date and the interest you avoid. Rounding a payment up to the nearest hundred, or making one additional payment a year, often takes years off the term. Watching the payoff date move is far more convincing than being told that paying early is a good idea. Compound interest, made visible A loan is compound interest pointed at you. Interest is charged on the balance you still owe, so every dollar that comes off the principal early also removes the interest that dollar would have generated for the rest of the term. The schedule and the interest breakdown make that effect concrete instead of theoretical. Refinance and debt questions Thinking about a refinance? Enter the new rate and the new term, and compare the monthly payment and the total interest against what you are paying today. Deciding which debt to attack first? Calculate each one and compare total interest rather than balance, because the expensive loan is not always the biggest one. EMI, if that is what you call it If you know monthly loan repayments as EMI, the equated monthly instalment, then this is an EMI calculator too. The EMI, the interest component and the amortisation schedule are the same numbers under a different name. Built to be quick A clean layout, large readable figures, no account and no sign up. Whether you are a borrower checking a quote, an agent running numbers for a client, or someone planning a purchase a year from now, it takes seconds.