Loan Calculator

Calculate your monthly loan repayment, total interest paid, and total cost for any loan amount, rate, and term.

How This Calculator Works

This loan calculator uses the equal-payment amortization method (EMI — Equated Monthly Instalment). Each month you pay the same fixed amount, which covers the interest accrued plus a portion of the principal.

Formula

Monthly payment = P × r(1+r)ⁿ / ((1+r)ⁿ − 1)

Where P = principal, r = monthly rate (annual rate ÷ 12 ÷ 100), n = number of monthly payments. If the rate is 0%, the monthly payment is simply P ÷ n.

Example

$10,000 loan at 5% annual interest over 24 months: monthly payment ≈ $438.71, total repayment ≈ $10,528.98, total interest ≈ $528.98.