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Loan Calculator

Calculate monthly payments, total interest, and total payment

$1,000$1,000,000
1%30%
1 year30 years

📐 Formula

EMI = P × r × (1+r)âŋ / ((1+r)âŋ - 1)

P = Loan Amount, r = Monthly Interest Rate, n = Number of Months

Monthly Payment$0
Total Interest$0
Total Payment$0

📋 Loan Summary

Loan Amount$10,000
Interest Rate7%
Loan Term5 years
Total Months60
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What is a Loan Calculator?

A loan calculator helps you estimate your monthly payments, total interest, and total loan cost. Whether you're planning a home loan, car loan, or personal loan, our free calculator gives you instant results.

Formula

EMI = P × r × (1+r)âŋ / ((1+r)âŋ - 1)

P = Loan Amount, r = Monthly Interest Rate, n = Number of Months

Example

Example: Calculate EMI for a $10,000 loan at 7% interest for 5 years

Monthly interest rate: 7% / 12 = 0.00583

Number of months: 5 × 12 = 60

EMI = 10000 × 0.00583 × (1.00583)^60 / ((1.00583)^60 - 1)

Monthly Payment: $198.01 | Total Interest: $1,880.60 | Total Payment: $11,880.60

Common Uses

  • ▸Home Loans: Calculate mortgage payments before buying a house
  • ▸Car Loans: Plan your auto loan budget and compare rates
  • ▸Personal Loans: Estimate monthly payments for personal expenses
  • ▸Business Loans: Project loan costs for business investments
  • ▸Financial Planning: Compare loan offers and make informed decisions

Frequently Asked Questions

What is EMI (Equated Monthly Installment)?

EMI is the fixed monthly payment you make to repay a loan. It includes both principal and interest components.

How is the monthly payment calculated?

The formula uses the loan amount, monthly interest rate, and number of months to calculate a fixed monthly payment that covers both principal and interest.

What affects my monthly payment the most?

The loan amount and interest rate have the biggest impact. A higher loan amount or higher interest rate increases your monthly payment. Longer terms reduce monthly payments but increase total interest paid.