How to use this calculator
- Enter starting amount, nominal annual rate (%), number of months, extra principal each month.
- Choose a display currency, then select Calculate. Results also update after a brief pause while you edit.
- Read the result with the assumptions below. Export details or save a second scenario to compare your choices.
Formula and method
Assumptions and limitations
Fixed nominal rate, monthly interest and end-of-month payments. Extra payments reduce principal immediately after interest. Fees, tax, penalties and lender-specific day counts are excluded. The last payment is reduced to the outstanding balance.
Worked example
A 1,200 loan repaid over 12 months at 0% requires 100 per month and has zero interest.
What the result means
The scheduled payment excludes the optional extra amount. Compare the actual payoff month and interest saved with the original schedule; CSV contains every payment.
Common questions
Does EMI work at zero interest?
Yes. Principal is divided equally across the stated number of monthly payments.
Is this an APR quote?
No. The input is a nominal interest rate, excluding fees. APR calculations may follow country-specific rules.
Methodology and transparency
Calculation specification reviewed on 2026-10-14. Mathematical implementation is tested against independent reference fixtures. This does not imply review by a licensed financial professional. Read the testing and precision policy.
Background reference: openstax.org — financial method. FinanceMath implements its own calculator.