Does this include fees or insurance?

No, it calculates payments based purely on principal, interest rate and term. Fees or insurance add-ons are not included.

How can I lower my total interest paid?

Choose a shorter term, shop for a lower interest rate, increase your down payment, or make extra payments toward the principal.

Loan Calculator

Q: What's the difference between this and the EMI Calculator?

Both use the same amortization formula. The EMI Calculator additionally shows a chart and a full month-by-month repayment schedule.

Estimate your monthly payment, total interest and total repayment cost

Loan Amount ($)

Interest Rate (% p.a.)

Term (Years)

yrs

What is the Loan Calculator?

The Loan Calculator estimates your fixed monthly payment and total repayment cost for any installment loan — personal, auto, student or business — based on the loan amount, annual interest rate and repayment term. It's the same underlying math used for a car loan, personal loan or small business loan, so you can quickly compare offers from different lenders.

How to Use the Loan Calculator

Enter the loan amount you plan to borrow (the principal).
Enter the annual interest rate (APR) quoted by the lender.
Enter the loan term in years.
Read the result — your estimated monthly payment, total amount repaid, and total interest cost.

Loan Payment Formula

Monthly Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = principal loan amount, r = monthly interest rate (annual rate ÷ 12), n = number of monthly payments (years × 12)

Example Calculation

For a $20,000 loan at 7.5% annual interest over 5 years (60 months), the monthly payment works out to approximately $401, with total interest of about $4,048 paid over the life of the loan — for a total repayment of roughly $24,048.

What Affects Your Loan Payment

Loan amount — a larger principal directly increases the monthly payment.
Interest rate — even a 1% difference can meaningfully change the total interest paid.
Loan term — a longer term lowers the monthly payment but increases total interest paid over time.

Frequently Asked Questions

No, this calculates payments based purely on principal, interest rate and term. Origination fees, insurance add-ons or other lender charges are not included and can change your actual monthly payment — check your loan agreement for the full cost.

They use the same amortization formula. The EMI Calculator additionally shows a chart and a full month-by-month repayment schedule, while this Loan Calculator gives a quick summary view.

Choose a shorter term if you can afford the higher monthly payment, shop around for a lower interest rate, make a larger down payment to reduce the principal, or make extra payments toward the principal when your loan allows it.

Results are estimates only, not a loan offer or financial advice — actual terms depend on your lender's underwriting.