How to use the Loan Calculator
- Enter how much you want to borrow.
- Add the annual interest rate (APR) and term.
- See the monthly payment, total interest and full schedule.
About this tool
Whether you’re financing a car, consolidating debt or comparing personal loan offers, knowing the monthly payment and the total interest helps you borrow wisely. This calculator works for any fixed-rate installment loan — also called an EMI (Equated Monthly Installment) in South Asia.
The amortization table shows how each payment splits between interest and principal. Early payments are mostly interest; later ones mostly pay down the balance.
Frequently asked questions
How is a loan payment calculated?
Payment = P × r / (1 − (1 + r)^−n), where P is the amount, r the monthly rate and n the number of months.
Does a shorter term save money?
Yes. A shorter term raises the monthly payment but cuts the total interest significantly.
What is an EMI?
EMI stands for Equated Monthly Installment — the fixed monthly payment on a loan.