To see the full cost of a loan, enter the amount, rate and term, and optionally an extra monthly payment, a one-time prepayment and the processing fee. You’ll see the monthly payment, total interest, total cost, payoff date and how much interest prepayments save, with a month-by-month schedule.
How to use the Loan Calculator
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1
Enter loan details
Amount, rate, term and first payment month.
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2
Add prepayments (optional)
Extra each month and/or a lump sum in a chosen month.
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3
Calculate
Review savings and the schedule; export CSV or print.
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4
Compare two loans
See which costs less overall.
How it works
The monthly payment uses the standard reducing-balance EMI formula. Each month, interest = balance × monthly rate; the rest of the payment, plus any extra payment, reduces the balance. Prepayments shorten the loan (the EMI stays the same), which is how most lenders apply part-prepayments by default.
Features
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Prepayment savings
Interest saved and months cut.
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Processing fee
Included in total cost.
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Loan comparison
Side by side.
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CSV and print
Privacy and file handling
- Where it runs
- Runs in your browser
Runs entirely in your browser. Your files and text are not uploaded to our servers.
Limitations
- Assumes a fixed rate for the whole term.
- Some lenders charge prepayment penalties on certain loans — check your agreement.
Frequently asked questions
Is it better to prepay or invest?
Prepaying saves interest at your loan rate risk-free; investing may earn more but with risk. Consider your loan rate, tax benefits and emergency savings.
Why does a small extra payment save so much?
Extra payments reduce principal early, so every later month charges interest on a smaller balance.
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