Loan Calculator
Calculate the monthly payment (EMI), total amount paid and total interest on any fixed-rate loan — personal, car, student, or general purpose.
%
Monthly payment
1,980.12
Across 60 monthly payments
Total payment
118,807.19
Total interest
18,807.19
Calculate the monthly payment (EMI), total amount paid, and total interest on a fixed-rate loan — works for personal loans, car loans, student loans and most other amortising debt. The math is the standard EMI formula: EMI = P × r × (1+r)n / ((1+r)n − 1), where r is the monthly rate and n is the number of monthly payments.
For mortgages with a full amortisation schedule, see the Compound Interest Calculator for growth projections, or wait for the dedicated mortgage calculator (coming soon).
How to use
- Enter the loan amount (the principal you're borrowing).
- Enter the annual interest rate. If the lender quotes APR, that's typically what to use here.
- Enter the loan term in years or months.
- Read the monthly payment, total payment over the life of the loan, and the total interest you'll pay.
Frequently asked questions
- What's an EMI?
- EMI stands for Equated Monthly Installment. It's a fixed monthly payment that pays both principal and interest such that the loan is fully paid off by the end of the term. Each month, more of your payment goes to principal and less to interest as the balance shrinks.
- What's the difference between APR and the rate I should enter?
- Enter the nominal annual interest rate (the "interest rate" the lender quotes). APR is broader — it includes fees on top of the rate. If you only have an APR, using it here gives a slightly higher payment than the pure interest portion would.
- Does this work for any currency?
- Yes. The math is currency-agnostic — enter amounts in whatever currency you're working in. The monthly payment will be in the same currency.
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