Loan Calculator
Calculate your monthly loan payment (EMI), total interest and full amortization schedule for any personal, car or business loan.
About the Loan Calculator
Before you take out a loan, know exactly what it will cost. The loan calculator shows your fixed monthly payment (also called EMI), the total amount you will repay and the total interest, plus a year-by-year schedule of how the balance goes down.
How to Use the Loan Calculator
- Enter the amount you want to borrow.
- Enter the annual interest rate and the term in years.
- Press Calculate to see the monthly payment and schedule.
Formula and How It Works
Monthly payment M = 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.
Frequently Asked Questions
What is EMI?
EMI means Equated Monthly Instalment: a fixed amount paid each month that covers both interest and part of the loan.
How can I pay less interest?
Choose a shorter term, compare interest rates between lenders, and make extra payments when you can.
Results are estimates for planning purposes only and are not financial advice. Actual figures from your bank or lender may differ.