Loan Calculator
Understand any loan before you sign: monthly payment, lifetime interest and total cost for your amount, rate and term.
How the Loan Calculator Works
Enter the loan amount, annual interest rate, and term in years. The calculator uses the standard EMI formula: EMI = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly payments. It shows your monthly payment, the total interest over the full term, and the total amount you will repay.
Most loans use a reducing balance, which means each payment covers that month’s interest first and the rest reduces the principal. That is why early payments are mostly interest and later payments are mostly principal. For step-by-step examples, read our guide: How to Calculate EMI on a Loan (Formula + Examples).
Frequently Asked Questions
Is a loan calculator the same as an EMI calculator?
How does the interest rate affect my payment?
Does a longer loan term save me money?
What does this calculator not include?
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