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Excel Loan & EMI Calculator

Work out the monthly payment, the interest you will actually pay, and how an extra payment changes the payoff date — then copy the Excel formulas behind it.

Runs in your browserUpdated October 25, 2026EMI, total interest and amortization · PMT/IPMT/PPMT formulas included

The short answer

An Excel loan calculator uses PMT to compute the fixed monthly payment from the loan amount, annual interest rate and term. IPMT and PPMT split each payment into interest and principal, which produces an amortization schedule showing the balance after every month.

Loan amountAnnual interest rate %Term (years)Extra monthly paymentOptional. Reduces principal and shortens the loan.Currency

Monthly payment

$5,250.47

Principal + interest

Total interest

$65,028

Over the full term

Total paid

$315,028

60 payments

Payoff

Oct 2031

Scheduled term

=PMT(9.5%/12,60,-250000)

Monthly payment. The loan amount is negative because it is money received.

=CUMIPMT(9.5%/12,60,250000,1,60,0)

Total interest over the whole term (Excel's Analysis ToolPak).

=IPMT(9.5%/12,1,60,-250000)

Interest portion of payment 1. Replace 1 with the period number.

=PPMT(9.5%/12,1,60,-250000)

Principal portion of payment 1. Interest + principal = the payment.

Amortization schedule (first 12)

#	Payment	Interest	Principal	Balance
1	$5,250.47	$1,979.17	$3,271.30	$246,728.70
2	$5,250.47	$1,953.27	$3,297.20	$243,431.50
3	$5,250.47	$1,927.17	$3,323.30	$240,108.21
4	$5,250.47	$1,900.86	$3,349.61	$236,758.60
5	$5,250.47	$1,874.34	$3,376.13	$233,382.47
6	$5,250.47	$1,847.61	$3,402.85	$229,979.62
7	$5,250.47	$1,820.67	$3,429.79	$226,549.82
8	$5,250.47	$1,793.52	$3,456.95	$223,092.88
9	$5,250.47	$1,766.15	$3,484.31	$219,608.56
10	$5,250.47	$1,738.57	$3,511.90	$216,096.67
11	$5,250.47	$1,710.77	$3,539.70	$212,556.97
12	$5,250.47	$1,682.74	$3,567.72	$208,989.24

The schedule assumes a fixed rate, payments at the end of each month, and no fees. Lenders may round differently or charge processing fees, so treat the final figure as an estimate.

How to use it

1Enter the loan amount, annual interest rate and term in years or months.
2Add an optional extra monthly payment to see the interest saved.
3Review the payment, total interest and payoff date.
4Download the amortization schedule as CSV, or copy the PMT/IPMT/PPMT formulas into Excel.

Questions about the loan calculator

What is the Excel formula for EMI?

Use =PMT(rate/12, years*12, -loan_amount). For a $20,000 loan at 9% over 5 years: =PMT(9%/12, 5*12, -20000), which returns about $415.17 per month. The negative sign converts the loan to a positive payment.

How do I build an amortization schedule in Excel?

Create columns for period, payment, interest, principal and balance. Payment is PMT, interest is IPMT, principal is PPMT, and the closing balance is the previous balance minus the principal. Copy down for the number of periods.

Does an extra payment reduce the term or the payment?

It depends on the lender. Most keep the payment the same and shorten the term, which is what this calculator models. Some recalculate the payment instead; in that case the monthly saving is smaller and the term reduction is smaller too.

Why is my PMT result negative?

Excel treats money paid out as negative. If the loan amount is positive, the payment comes back negative. Either enter the loan as a negative value or wrap the formula in ABS() or a leading minus sign.

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Keep reading

Payment

Interest

Principal

Balance

$5,250.47

$1,979.17

$3,271.30

$246,728.70

$5,250.47

$1,953.27

$3,297.20

$243,431.50

$5,250.47

$1,927.17

$3,323.30

$240,108.21

$5,250.47

$1,900.86

$3,349.61

$236,758.60

$5,250.47

$1,874.34

$3,376.13

$233,382.47

$5,250.47

$1,847.61

$3,402.85

$229,979.62

$5,250.47

$1,820.67

$3,429.79

$226,549.82

$5,250.47

$1,793.52

$3,456.95

$223,092.88

$5,250.47

$1,766.15

$3,484.31

$219,608.56

$5,250.47

$1,738.57

$3,511.90

$216,096.67

$5,250.47

$1,710.77

$3,539.70

$212,556.97

$5,250.47

$1,682.74

$3,567.72

$208,989.24

Questions about the loan calculator

What is the Excel formula for EMI?

How do I build an amortization schedule in Excel?

Does an extra payment reduce the term or the payment?

Why is my PMT result negative?