Loan / EMI Calculator
Estimate monthly loan payments, total repayment, and total interest for a fixed-rate amortizing loan.
How this calculator works
How to use this calculator
Enter the loan amount, annual interest rate, and repayment term. Choose whether the term is in years or months, then click Calculate Loan Payment. The calculator estimates the monthly payment, total amount paid, total interest, and number of payments.
Formula used
For a fixed-rate amortizing loan, Monthly Payment = P × [r(1 + r)^n] / [(1 + r)^n − 1], where P is the principal, r is the monthly interest rate, and n is the total number of monthly payments. If the interest rate is 0%, the monthly payment is principal divided by number of months.
Example calculation
For a $10,000 loan at 6.5% annual interest over 5 years, the estimated monthly payment is about $195.66. The total repayment is about $11,739.60, with about $1,739.60 in interest.
What the result means
The monthly payment is an estimate for principal and interest only. Actual loan costs may include fees, insurance, taxes, or other charges depending on the lender and loan type.
Frequently asked questions
Is this calculator the same as an EMI calculator?
Yes. EMI stands for equated monthly installment and usually refers to the fixed monthly payment on an amortizing loan.
Does this include loan fees?
No. It estimates principal and interest only.
Can I use this for car loans or personal loans?
Yes, if the loan uses a fixed rate and regular monthly repayment schedule.