About the Loan Calculator
Before you borrow, know exactly what it will cost. Enter the loan amount, interest rate and term to see your monthly payment (also called EMI), the total interest you will pay and a year-by-year repayment schedule.
The calculator works for personal loans, car loans, student loans and business loans, in any currency.
How to use the Loan Calculator
- Enter the loan amount.
- Enter the yearly interest rate.
- Enter the loan term in years or months.
- See your monthly payment, total interest and repayment schedule instantly.
Frequently asked questions
What is EMI?
EMI (Equated Monthly Instalment) is the fixed amount you pay every month until the loan is repaid. Early payments are mostly interest; later payments are mostly principal.
What formula is used?
Monthly payment = 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.
How can I pay less interest?
Choose a shorter term, negotiate a lower rate, or make extra payments toward the principal early in the loan, when most of each payment is interest.