Loan Calculator — Monthly Payments & Interest

Calculate your monthly loan payment, total interest paid, and see a full amortisation schedule. Free and instant.

Loan Calculator

How to Use the Loan Calculator

Our free online loan calculator helps you understand the real cost of borrowing money. Whether you're planning to take a personal loan, car loan, or any fixed-rate instalment loan, this tool shows your exact monthly payment and total amount repayable before you sign anything.

What the Results Mean

Monthly Payment is the fixed amount you'll pay every month for the loan term. This includes both principal (the original amount borrowed) and interest. Total Repayment is the full amount paid over the life of the loan. Total Interest is the cost of borrowing — the total minus your original principal.

How EMI Is Calculated

The formula used is: 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 payments. This is the standard amortisation formula used by banks worldwide.

Tips to Reduce Your Total Interest

  • Choose a shorter loan term — you pay more per month but far less in total interest
  • Make extra principal payments when possible to reduce the balance faster
  • Shop around for the best interest rate — even 0.5% less makes a significant difference
  • Make a larger down payment to reduce the principal amount borrowed

Frequently Asked Questions — Loan Calculator

What is the difference between EMI and monthly loan payment?
They're the same thing. EMI (Equated Monthly Instalment) is the term commonly used in India and Asia, while "monthly payment" or "monthly instalment" is used elsewhere. Both refer to the fixed amount paid each month to repay the loan.
Does the calculator account for loan fees?
This calculator uses the stated interest rate only and does not include origination fees, processing fees, or prepayment penalties. For total cost of credit, ask your lender for the APR (Annual Percentage Rate) which includes fees.
What is a good interest rate for a loan?
It depends on your credit score, country, and loan type. In general, rates below 10% are considered good for personal loans in most markets. Mortgage rates are typically lower, while credit card rates are much higher.
Can I use this for a mortgage calculation?
Yes — this calculator works for any fixed-rate loan including mortgages. For a dedicated mortgage calculator with property taxes and PMI, use our Mortgage Calculator.