About the Loan Calculator
Find the monthly payment (EMI) for any personal, car or business loan, the total interest you'll pay, and how much faster you'll pay it off with extra payments, with a full amortization schedule.
Key features
- Monthly payment (EMI) for any loan
- Total interest and total cost
- Optional extra monthly payment: see interest and time saved
- Principal vs interest chart
- Year-by-year amortization schedule
- Multiple currencies
Plan any loan
Whether it's a car loan, personal loan, student loan or business loan, see your monthly payment, the total interest you'll pay and how the balance falls over time.
The loan payment formula
M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P: loan amount (principal)
- r: monthly interest rate (annual rate ÷ 12 ÷ 100)
- n: number of monthly payments
Example
Borrow 20,000 at 7% for 5 years:
| Item | Amount |
|---|---|
| Monthly payment | 396.02 |
| Total paid | 23,761.44 |
| Total interest | 3,761.44 |
Adding 100 extra per month pays it off about 13 months sooner and saves roughly 900 in interest.
How term affects cost
20,000 at 7%:
| Term | Monthly | Total interest |
|---|---|---|
| 3 years | 617.54 | 2,232 |
| 5 years | 396.02 | 3,761 |
| 7 years | 301.85 | 5,356 |
A longer term lowers the payment but increases total interest.
How amortization works
Early payments are mostly interest because the balance is high. As the balance falls, more of each payment goes to principal. The schedule shows this year by year.
This calculator is for estimates only and isn't financial advice. Your lender's figures may differ due to fees, rate type and rounding.
Related calculators
Buying a home? Use the Mortgage Calculator. For simple-interest loans, see the Simple Interest Calculator.
How to use the Loan Calculator
- Enter your numbers in the fields above. Units and options can be changed at any time.
- The result updates instantly as you type; there's no calculate button to press.
- Check the breakdown under the main result for the details behind the number.
- Adjust the inputs to compare scenarios, for example a different rate or term.