Orpheus

Loan & EMI Calculator

What the monthly payment is, and what the loan really costs.

Inputs
$
8.5%
years
Monthly payment
512.91$
CheapNormalExpensivePunishing
Total repaid
30,774.80$
Total interest
5,774.80$
Interest as share of what you pay
18.8%
Interest in the first payment
177.08$
Principal overtakes interest at payment
1 of 60
M = P · r(1+r)ⁿ ÷ ((1+r)ⁿ − 1) · r = annual rate ÷ 12

Assumes a fixed rate and no fees. Arrangement fees and early-repayment charges are not included.

Every tool runs entirely in your browser. Your files are never uploaded to a server.

A loan payment is fixed each month, but its split is not: early payments are mostly interest and later ones mostly principal. This shows the payment, the total interest, and the point where principal finally overtakes interest.

How to use the Loan Calculator

  1. Enter the amount borrowed. The principal, before any arrangement fee.
  2. Set the annual rate and term. Use the advertised annual rate. The term is in years.
  3. Read the true cost. The monthly payment, and beneath it the total interest and how much of your repayment the lender keeps.

About loan repayments

The monthly payment is the number lenders advertise, and it is the least informative one available. Two loans with identical payments can differ enormously in total cost, because the payment is a function of amount, rate and term together — stretch the term and the payment falls while the total paid climbs. That is why the total interest figure sits directly beneath it here, along with what share of every repayment the lender keeps rather than you. The structure is worth understanding too. Interest accrues on the balance outstanding, which is at its highest on day one, so the earliest payments are mostly interest and barely dent the debt. On a typical thirty-year mortgage the crossover, where principal finally exceeds interest within a single payment, does not arrive until well past the halfway mark. This is also why overpaying early is so much more effective than overpaying late: money paid in year one removes interest that would otherwise have accrued for decades. Nothing here includes fees, so compare the APR rather than the headline rate when choosing between offers.

Frequently asked questions

What is EMI?
Equated Monthly Instalment — the same fixed payment every month, covering interest and principal together. It is the standard structure for personal, car and home loans, and it is what this calculates.
Why is so much of my early payment interest?
Interest is charged on the balance outstanding, which is highest at the start. The payment is level, so early on most of it covers interest and little reduces the debt. That reverses over the term.
Does a longer term save me money?
No. It lowers the monthly payment and raises the total cost, often dramatically, because you are borrowing the same money for longer. Compare the total interest figure across terms, not the monthly one.
Are fees included?
No. Arrangement fees, insurance sold alongside the loan, and early-repayment charges all sit outside this calculation. Ask for the APR, which is designed to include them.

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