EMI Calculator
Enter a loan amount, interest rate and term to see your fixed monthly payment, the total interest you will pay, and how each payment splits between principal and interest.
Nominal rate, compounded monthly.
Rounded to the nearest whole month.
- Monthly payment
- $1,735.65
- Total interest
- $216,555.15
- Total paid
- $416,555.15
$200,000.00 at 8.5% over 240 monthly payments.
Month-by-month schedule (240 payments)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,735.65 | $318.98 | $1,416.67 | $199,681.02 |
| 2 | $1,735.65 | $321.24 | $1,414.41 | $199,359.78 |
| 3 | $1,735.65 | $323.52 | $1,412.13 | $199,036.26 |
| 4 | $1,735.65 | $325.81 | $1,409.84 | $198,710.45 |
| 5 | $1,735.65 | $328.12 | $1,407.53 | $198,382.33 |
| 6 | $1,735.65 | $330.44 | $1,405.21 | $198,051.89 |
| 7 | $1,735.65 | $332.78 | $1,402.87 | $197,719.11 |
| 8 | $1,735.65 | $335.14 | $1,400.51 | $197,383.97 |
| 9 | $1,735.65 | $337.51 | $1,398.14 | $197,046.46 |
| 10 | $1,735.65 | $339.90 | $1,395.75 | $196,706.56 |
| 11 | $1,735.65 | $342.31 | $1,393.34 | $196,364.25 |
| 12 | $1,735.65 | $344.74 | $1,390.91 | $196,019.51 |
| 13 | $1,735.65 | $347.18 | $1,388.47 | $195,672.33 |
| 14 | $1,735.65 | $349.64 | $1,386.01 | $195,322.69 |
| 15 | $1,735.65 | $352.11 | $1,383.54 | $194,970.58 |
| 16 | $1,735.65 | $354.61 | $1,381.04 | $194,615.97 |
| 17 | $1,735.65 | $357.12 | $1,378.53 | $194,258.85 |
| 18 | $1,735.65 | $359.65 | $1,376.00 | $193,899.20 |
| 19 | $1,735.65 | $362.20 | $1,373.45 | $193,537.00 |
| 20 | $1,735.65 | $364.76 | $1,370.89 | $193,172.24 |
| 21 | $1,735.65 | $367.35 | $1,368.30 | $192,804.89 |
| 22 | $1,735.65 | $369.95 | $1,365.70 | $192,434.94 |
| 23 | $1,735.65 | $372.57 | $1,363.08 | $192,062.37 |
| 24 | $1,735.65 | $375.21 | $1,360.44 | $191,687.16 |
| 25 | $1,735.65 | $377.87 | $1,357.78 | $191,309.29 |
| 26 | $1,735.65 | $380.54 | $1,355.11 | $190,928.75 |
| 27 | $1,735.65 | $383.24 | $1,352.41 | $190,545.51 |
| 28 | $1,735.65 | $385.95 | $1,349.70 | $190,159.56 |
| 29 | $1,735.65 | $388.69 | $1,346.96 | $189,770.87 |
| 30 | $1,735.65 | $391.44 | $1,344.21 | $189,379.43 |
| 31 | $1,735.65 | $394.21 | $1,341.44 | $188,985.22 |
| 32 | $1,735.65 | $397.00 | $1,338.65 | $188,588.22 |
| 33 | $1,735.65 | $399.82 | $1,335.83 | $188,188.40 |
| 34 | $1,735.65 | $402.65 | $1,333.00 | $187,785.75 |
| 35 | $1,735.65 | $405.50 | $1,330.15 | $187,380.25 |
| 36 | $1,735.65 | $408.37 | $1,327.28 | $186,971.88 |
| 37 | $1,735.65 | $411.27 | $1,324.38 | $186,560.61 |
| 38 | $1,735.65 | $414.18 | $1,321.47 | $186,146.43 |
| 39 | $1,735.65 | $417.11 | $1,318.54 | $185,729.32 |
| 40 | $1,735.65 | $420.07 | $1,315.58 | $185,309.25 |
| 41 | $1,735.65 | $423.04 | $1,312.61 | $184,886.21 |
| 42 | $1,735.65 | $426.04 | $1,309.61 | $184,460.17 |
| 43 | $1,735.65 | $429.06 | $1,306.59 | $184,031.11 |
| 44 | $1,735.65 | $432.10 | $1,303.55 | $183,599.01 |
| 45 | $1,735.65 | $435.16 | $1,300.49 | $183,163.85 |
| 46 | $1,735.65 | $438.24 | $1,297.41 | $182,725.61 |
| 47 | $1,735.65 | $441.34 | $1,294.31 | $182,284.27 |
| 48 | $1,735.65 | $444.47 | $1,291.18 | $181,839.80 |
| 49 | $1,735.65 | $447.62 | $1,288.03 | $181,392.18 |
| 50 | $1,735.65 | $450.79 | $1,284.86 | $180,941.39 |
| 51 | $1,735.65 | $453.98 | $1,281.67 | $180,487.41 |
| 52 | $1,735.65 | $457.20 | $1,278.45 | $180,030.21 |
| 53 | $1,735.65 | $460.44 | $1,275.21 | $179,569.77 |
| 54 | $1,735.65 | $463.70 | $1,271.95 | $179,106.07 |
| 55 | $1,735.65 | $466.98 | $1,268.67 | $178,639.09 |
| 56 | $1,735.65 | $470.29 | $1,265.36 | $178,168.80 |
| 57 | $1,735.65 | $473.62 | $1,262.03 | $177,695.18 |
| 58 | $1,735.65 | $476.98 | $1,258.67 | $177,218.20 |
| 59 | $1,735.65 | $480.35 | $1,255.30 | $176,737.85 |
| 60 | $1,735.65 | $483.76 | $1,251.89 | $176,254.09 |
| 61 | $1,735.65 | $487.18 | $1,248.47 | $175,766.91 |
| 62 | $1,735.65 | $490.63 | $1,245.02 | $175,276.28 |
| 63 | $1,735.65 | $494.11 | $1,241.54 | $174,782.17 |
| 64 | $1,735.65 | $497.61 | $1,238.04 | $174,284.56 |
| 65 | $1,735.65 | $501.13 | $1,234.52 | $173,783.43 |
| 66 | $1,735.65 | $504.68 | $1,230.97 | $173,278.75 |
| 67 | $1,735.65 | $508.26 | $1,227.39 | $172,770.49 |
| 68 | $1,735.65 | $511.86 | $1,223.79 | $172,258.63 |
| 69 | $1,735.65 | $515.48 | $1,220.17 | $171,743.15 |
| 70 | $1,735.65 | $519.14 | $1,216.51 | $171,224.01 |
| 71 | $1,735.65 | $522.81 | $1,212.84 | $170,701.20 |
| 72 | $1,735.65 | $526.52 | $1,209.13 | $170,174.68 |
| 73 | $1,735.65 | $530.25 | $1,205.40 | $169,644.43 |
| 74 | $1,735.65 | $534.00 | $1,201.65 | $169,110.43 |
| 75 | $1,735.65 | $537.78 | $1,197.87 | $168,572.65 |
| 76 | $1,735.65 | $541.59 | $1,194.06 | $168,031.06 |
| 77 | $1,735.65 | $545.43 | $1,190.22 | $167,485.63 |
| 78 | $1,735.65 | $549.29 | $1,186.36 | $166,936.34 |
| 79 | $1,735.65 | $553.18 | $1,182.47 | $166,383.16 |
| 80 | $1,735.65 | $557.10 | $1,178.55 | $165,826.06 |
| 81 | $1,735.65 | $561.05 | $1,174.60 | $165,265.01 |
| 82 | $1,735.65 | $565.02 | $1,170.63 | $164,699.99 |
| 83 | $1,735.65 | $569.03 | $1,166.62 | $164,130.96 |
| 84 | $1,735.65 | $573.06 | $1,162.59 | $163,557.90 |
| 85 | $1,735.65 | $577.11 | $1,158.54 | $162,980.79 |
| 86 | $1,735.65 | $581.20 | $1,154.45 | $162,399.59 |
| 87 | $1,735.65 | $585.32 | $1,150.33 | $161,814.27 |
| 88 | $1,735.65 | $589.47 | $1,146.18 | $161,224.80 |
| 89 | $1,735.65 | $593.64 | $1,142.01 | $160,631.16 |
| 90 | $1,735.65 | $597.85 | $1,137.80 | $160,033.31 |
| 91 | $1,735.65 | $602.08 | $1,133.57 | $159,431.23 |
| 92 | $1,735.65 | $606.35 | $1,129.30 | $158,824.88 |
| 93 | $1,735.65 | $610.64 | $1,125.01 | $158,214.24 |
| 94 | $1,735.65 | $614.97 | $1,120.68 | $157,599.27 |
| 95 | $1,735.65 | $619.32 | $1,116.33 | $156,979.95 |
| 96 | $1,735.65 | $623.71 | $1,111.94 | $156,356.24 |
| 97 | $1,735.65 | $628.13 | $1,107.52 | $155,728.11 |
| 98 | $1,735.65 | $632.58 | $1,103.07 | $155,095.53 |
| 99 | $1,735.65 | $637.06 | $1,098.59 | $154,458.47 |
| 100 | $1,735.65 | $641.57 | $1,094.08 | $153,816.90 |
| 101 | $1,735.65 | $646.11 | $1,089.54 | $153,170.79 |
| 102 | $1,735.65 | $650.69 | $1,084.96 | $152,520.10 |
| 103 | $1,735.65 | $655.30 | $1,080.35 | $151,864.80 |
| 104 | $1,735.65 | $659.94 | $1,075.71 | $151,204.86 |
| 105 | $1,735.65 | $664.62 | $1,071.03 | $150,540.24 |
| 106 | $1,735.65 | $669.32 | $1,066.33 | $149,870.92 |
| 107 | $1,735.65 | $674.06 | $1,061.59 | $149,196.86 |
| 108 | $1,735.65 | $678.84 | $1,056.81 | $148,518.02 |
| 109 | $1,735.65 | $683.65 | $1,052.00 | $147,834.37 |
| 110 | $1,735.65 | $688.49 | $1,047.16 | $147,145.88 |
| 111 | $1,735.65 | $693.37 | $1,042.28 | $146,452.51 |
| 112 | $1,735.65 | $698.28 | $1,037.37 | $145,754.23 |
| 113 | $1,735.65 | $703.22 | $1,032.43 | $145,051.01 |
| 114 | $1,735.65 | $708.21 | $1,027.44 | $144,342.80 |
| 115 | $1,735.65 | $713.22 | $1,022.43 | $143,629.58 |
| 116 | $1,735.65 | $718.27 | $1,017.38 | $142,911.31 |
| 117 | $1,735.65 | $723.36 | $1,012.29 | $142,187.95 |
| 118 | $1,735.65 | $728.49 | $1,007.16 | $141,459.46 |
| 119 | $1,735.65 | $733.65 | $1,002.00 | $140,725.81 |
| 120 | $1,735.65 | $738.84 | $996.81 | $139,986.97 |
| 121 | $1,735.65 | $744.08 | $991.57 | $139,242.89 |
| 122 | $1,735.65 | $749.35 | $986.30 | $138,493.54 |
| 123 | $1,735.65 | $754.65 | $981.00 | $137,738.89 |
| 124 | $1,735.65 | $760.00 | $975.65 | $136,978.89 |
| 125 | $1,735.65 | $765.38 | $970.27 | $136,213.51 |
| 126 | $1,735.65 | $770.80 | $964.85 | $135,442.71 |
| 127 | $1,735.65 | $776.26 | $959.39 | $134,666.45 |
| 128 | $1,735.65 | $781.76 | $953.89 | $133,884.69 |
| 129 | $1,735.65 | $787.30 | $948.35 | $133,097.39 |
| 130 | $1,735.65 | $792.88 | $942.77 | $132,304.51 |
| 131 | $1,735.65 | $798.49 | $937.16 | $131,506.02 |
| 132 | $1,735.65 | $804.15 | $931.50 | $130,701.87 |
| 133 | $1,735.65 | $809.85 | $925.80 | $129,892.02 |
| 134 | $1,735.65 | $815.58 | $920.07 | $129,076.44 |
| 135 | $1,735.65 | $821.36 | $914.29 | $128,255.08 |
| 136 | $1,735.65 | $827.18 | $908.47 | $127,427.90 |
| 137 | $1,735.65 | $833.04 | $902.61 | $126,594.86 |
| 138 | $1,735.65 | $838.94 | $896.71 | $125,755.92 |
| 139 | $1,735.65 | $844.88 | $890.77 | $124,911.04 |
| 140 | $1,735.65 | $850.86 | $884.79 | $124,060.18 |
| 141 | $1,735.65 | $856.89 | $878.76 | $123,203.29 |
| 142 | $1,735.65 | $862.96 | $872.69 | $122,340.33 |
| 143 | $1,735.65 | $869.07 | $866.58 | $121,471.26 |
| 144 | $1,735.65 | $875.23 | $860.42 | $120,596.03 |
| 145 | $1,735.65 | $881.43 | $854.22 | $119,714.60 |
| 146 | $1,735.65 | $887.67 | $847.98 | $118,826.93 |
| 147 | $1,735.65 | $893.96 | $841.69 | $117,932.97 |
| 148 | $1,735.65 | $900.29 | $835.36 | $117,032.68 |
| 149 | $1,735.65 | $906.67 | $828.98 | $116,126.01 |
| 150 | $1,735.65 | $913.09 | $822.56 | $115,212.92 |
| 151 | $1,735.65 | $919.56 | $816.09 | $114,293.36 |
| 152 | $1,735.65 | $926.07 | $809.58 | $113,367.29 |
| 153 | $1,735.65 | $932.63 | $803.02 | $112,434.66 |
| 154 | $1,735.65 | $939.24 | $796.41 | $111,495.42 |
| 155 | $1,735.65 | $945.89 | $789.76 | $110,549.53 |
| 156 | $1,735.65 | $952.59 | $783.06 | $109,596.94 |
| 157 | $1,735.65 | $959.34 | $776.31 | $108,637.60 |
| 158 | $1,735.65 | $966.13 | $769.52 | $107,671.47 |
| 159 | $1,735.65 | $972.98 | $762.67 | $106,698.49 |
| 160 | $1,735.65 | $979.87 | $755.78 | $105,718.62 |
| 161 | $1,735.65 | $986.81 | $748.84 | $104,731.81 |
| 162 | $1,735.65 | $993.80 | $741.85 | $103,738.01 |
| 163 | $1,735.65 | $1,000.84 | $734.81 | $102,737.17 |
| 164 | $1,735.65 | $1,007.93 | $727.72 | $101,729.24 |
| 165 | $1,735.65 | $1,015.07 | $720.58 | $100,714.17 |
| 166 | $1,735.65 | $1,022.26 | $713.39 | $99,691.91 |
| 167 | $1,735.65 | $1,029.50 | $706.15 | $98,662.41 |
| 168 | $1,735.65 | $1,036.79 | $698.86 | $97,625.62 |
| 169 | $1,735.65 | $1,044.14 | $691.51 | $96,581.48 |
| 170 | $1,735.65 | $1,051.53 | $684.12 | $95,529.95 |
| 171 | $1,735.65 | $1,058.98 | $676.67 | $94,470.97 |
| 172 | $1,735.65 | $1,066.48 | $669.17 | $93,404.49 |
| 173 | $1,735.65 | $1,074.03 | $661.62 | $92,330.46 |
| 174 | $1,735.65 | $1,081.64 | $654.01 | $91,248.82 |
| 175 | $1,735.65 | $1,089.30 | $646.35 | $90,159.52 |
| 176 | $1,735.65 | $1,097.02 | $638.63 | $89,062.50 |
| 177 | $1,735.65 | $1,104.79 | $630.86 | $87,957.71 |
| 178 | $1,735.65 | $1,112.62 | $623.03 | $86,845.09 |
| 179 | $1,735.65 | $1,120.50 | $615.15 | $85,724.59 |
| 180 | $1,735.65 | $1,128.43 | $607.22 | $84,596.16 |
| 181 | $1,735.65 | $1,136.43 | $599.22 | $83,459.73 |
| 182 | $1,735.65 | $1,144.48 | $591.17 | $82,315.25 |
| 183 | $1,735.65 | $1,152.58 | $583.07 | $81,162.67 |
| 184 | $1,735.65 | $1,160.75 | $574.90 | $80,001.92 |
| 185 | $1,735.65 | $1,168.97 | $566.68 | $78,832.95 |
| 186 | $1,735.65 | $1,177.25 | $558.40 | $77,655.70 |
| 187 | $1,735.65 | $1,185.59 | $550.06 | $76,470.11 |
| 188 | $1,735.65 | $1,193.99 | $541.66 | $75,276.12 |
| 189 | $1,735.65 | $1,202.44 | $533.21 | $74,073.68 |
| 190 | $1,735.65 | $1,210.96 | $524.69 | $72,862.72 |
| 191 | $1,735.65 | $1,219.54 | $516.11 | $71,643.18 |
| 192 | $1,735.65 | $1,228.18 | $507.47 | $70,415.00 |
| 193 | $1,735.65 | $1,236.88 | $498.77 | $69,178.12 |
| 194 | $1,735.65 | $1,245.64 | $490.01 | $67,932.48 |
| 195 | $1,735.65 | $1,254.46 | $481.19 | $66,678.02 |
| 196 | $1,735.65 | $1,263.35 | $472.30 | $65,414.67 |
| 197 | $1,735.65 | $1,272.30 | $463.35 | $64,142.37 |
| 198 | $1,735.65 | $1,281.31 | $454.34 | $62,861.06 |
| 199 | $1,735.65 | $1,290.38 | $445.27 | $61,570.68 |
| 200 | $1,735.65 | $1,299.52 | $436.13 | $60,271.16 |
| 201 | $1,735.65 | $1,308.73 | $426.92 | $58,962.43 |
| 202 | $1,735.65 | $1,318.00 | $417.65 | $57,644.43 |
| 203 | $1,735.65 | $1,327.34 | $408.31 | $56,317.09 |
| 204 | $1,735.65 | $1,336.74 | $398.91 | $54,980.35 |
| 205 | $1,735.65 | $1,346.21 | $389.44 | $53,634.14 |
| 206 | $1,735.65 | $1,355.74 | $379.91 | $52,278.40 |
| 207 | $1,735.65 | $1,365.34 | $370.31 | $50,913.06 |
| 208 | $1,735.65 | $1,375.02 | $360.63 | $49,538.04 |
| 209 | $1,735.65 | $1,384.76 | $350.89 | $48,153.28 |
| 210 | $1,735.65 | $1,394.56 | $341.09 | $46,758.72 |
| 211 | $1,735.65 | $1,404.44 | $331.21 | $45,354.28 |
| 212 | $1,735.65 | $1,414.39 | $321.26 | $43,939.89 |
| 213 | $1,735.65 | $1,424.41 | $311.24 | $42,515.48 |
| 214 | $1,735.65 | $1,434.50 | $301.15 | $41,080.98 |
| 215 | $1,735.65 | $1,444.66 | $290.99 | $39,636.32 |
| 216 | $1,735.65 | $1,454.89 | $280.76 | $38,181.43 |
| 217 | $1,735.65 | $1,465.20 | $270.45 | $36,716.23 |
| 218 | $1,735.65 | $1,475.58 | $260.07 | $35,240.65 |
| 219 | $1,735.65 | $1,486.03 | $249.62 | $33,754.62 |
| 220 | $1,735.65 | $1,496.55 | $239.10 | $32,258.07 |
| 221 | $1,735.65 | $1,507.16 | $228.49 | $30,750.91 |
| 222 | $1,735.65 | $1,517.83 | $217.82 | $29,233.08 |
| 223 | $1,735.65 | $1,528.58 | $207.07 | $27,704.50 |
| 224 | $1,735.65 | $1,539.41 | $196.24 | $26,165.09 |
| 225 | $1,735.65 | $1,550.31 | $185.34 | $24,614.78 |
| 226 | $1,735.65 | $1,561.30 | $174.35 | $23,053.48 |
| 227 | $1,735.65 | $1,572.35 | $163.30 | $21,481.13 |
| 228 | $1,735.65 | $1,583.49 | $152.16 | $19,897.64 |
| 229 | $1,735.65 | $1,594.71 | $140.94 | $18,302.93 |
| 230 | $1,735.65 | $1,606.00 | $129.65 | $16,696.93 |
| 231 | $1,735.65 | $1,617.38 | $118.27 | $15,079.55 |
| 232 | $1,735.65 | $1,628.84 | $106.81 | $13,450.71 |
| 233 | $1,735.65 | $1,640.37 | $95.28 | $11,810.34 |
| 234 | $1,735.65 | $1,651.99 | $83.66 | $10,158.35 |
| 235 | $1,735.65 | $1,663.70 | $71.95 | $8,494.65 |
| 236 | $1,735.65 | $1,675.48 | $60.17 | $6,819.17 |
| 237 | $1,735.65 | $1,687.35 | $48.30 | $5,131.82 |
| 238 | $1,735.65 | $1,699.30 | $36.35 | $3,432.52 |
| 239 | $1,735.65 | $1,711.34 | $24.31 | $1,721.18 |
| 240 | $1,733.37 | $1,721.18 | $12.19 | $0.00 |
How it is calculated
The monthly payment is calculated as:
EMI = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments. Total interest is the total paid minus the loan amount.
Example: a $200,000 loan at 8.5% over 20 years (240 payments) gives a monthly payment of $1,735.65 and total interest of $216,555.15.
Assumptions and limitations
- The rate is fixed for the whole term. Variable-rate loans will differ.
- Payments are made monthly, on time, and in full.
- Fees, insurance, taxes and early repayment charges are not included.
- The schedule rounds each payment to the cent and adjusts the final payment so the balance reaches zero.
- This is an estimate, not a loan offer. Lenders set the actual rate and terms after an assessment.
What this calculator tells you
An equated monthly instalment, or EMI, is the fixed amount you pay each month to repay a loan over its term. Each payment covers the interest for that month and the rest reduces the balance. This calculator shows the monthly payment for a loan, the total interest you will pay over the full term, and the total amount repaid.
The EMI is the same every month, but the split between interest and principal changes over time. Early payments are mostly interest, and later payments are mostly principal. The schedule in the calculator shows this month by month.
How the monthly payment is worked out
The calculator converts the annual rate into a monthly rate by dividing by twelve, and the term into a number of monthly payments. The payment is then the loan amount multiplied by the monthly rate, divided by one minus one plus the monthly rate raised to the negative power of the number of payments. When the rate is zero, the payment is simply the loan amount divided by the number of payments.
A worked example
Suppose you borrow 10,000 at 12% a year over one year. The monthly rate is 1%, and there are 12 payments. The monthly payment is about 888. Over the year you pay about 10,662 in total, so the interest is about 662. Because the rate applies to the falling balance, the interest in the first month is 100, and in the last month it is much smaller.
Why the term changes the cost so much
A longer term lowers the monthly payment but increases the total interest, because the balance stays outstanding for longer. Comparing a 15-year and a 30-year mortgage at the same rate, for example, shows a lower payment on the longer loan but a much larger total cost. Compare the total paid, not only the monthly figure, before deciding on a term.
A higher rate has a similar effect. Even a small change in the annual rate can alter the total cost noticeably over a long loan, so the rate is worth checking carefully against any other offers.
Fees and other costs
The EMI shown covers the principal and interest only. Arrangement fees, processing fees, insurance, valuation fees and early repayment charges are not included. Some lenders add charges to the amount borrowed, which raises the EMI and the interest. Ask for the total cost of the loan, including all fees, and use the annual percentage rate if it is quoted, because it includes many of these costs.
Assumptions and limits
The calculator assumes the rate stays fixed for the whole term and that every payment is made on time. A variable-rate loan will change the payment when the rate changes, and the result is then an estimate. Rounding by the lender, days-based interest and the timing of payments can also make small differences to the figures.
Choosing between prepayment and investing
Extra payments on a loan reduce the total interest by a certain and known amount, equal to the interest rate on the loan. Investing the same money earns an uncertain return. Comparing the loan rate with the return you could reasonably expect after tax helps decide where additional money does the most good.
Using the result
Use the monthly payment to check that a loan fits your budget with room to spare, and use the total interest to compare the true cost of different offers. Making extra payments toward principal shortens the term and reduces the total interest, provided the lender does not charge a penalty for early repayment.
Frequently asked questions
What does EMI stand for?
It stands for equated monthly instalment, the fixed payment made each month to repay a loan. It covers the interest for the month and the rest reduces the balance.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is largest at the start. As the balance falls, the interest share falls and more of each payment reduces the principal.
Does a longer term save money?
It lowers the monthly payment but usually increases the total interest, because the loan runs for longer. Compare the total cost of each term before choosing.
Does the calculator include processing or early repayment fees?
No. It includes only principal and interest. Check the lender's fees and any charge for repaying early, because these change the true cost.
Can I pay extra each month to reduce the total interest?
Yes, if the lender allows it. Extra payments reduce the balance faster and cut the total interest, but check for early repayment charges first.