Work out the monthly payment for any fixed-rate loan — personal loans, car finance, student loans or business loans. See the total interest and total amount repaid before you borrow, and compare terms side by side.
How to use the Loan Calculator
- Enter the amount you want to borrow.
- Enter the annual interest rate (APR) offered by the lender.
- Choose the loan term in years or months.
- Instantly see the monthly payment (EMI), total interest and total repayment, plus the repayment schedule.
Loan payment formula
Monthly payment = P × r / (1 − (1 + r)⁻ⁿ), where P is the amount borrowed, r is the monthly interest rate and n the number of months. With a 0% rate the payment is simply P ÷ n.
This is also known as the EMI (equated monthly instalment) formula and applies to any amortizing loan with a fixed rate and equal payments.
Shorter vs longer terms
A longer term lowers your monthly payment but increases the total interest you pay. A shorter term costs more each month but is cheaper overall. Change the term to see the trade-off instantly.
Frequently asked questions
What is APR?
APR (annual percentage rate) is the yearly cost of borrowing. If your lender quotes an APR that includes fees, entering it here gives a close estimate of the total cost.
Can I use it as an EMI calculator?
Yes. The monthly payment shown is the EMI for the amount, rate and tenure you enter.
Does it work for car loans?
Yes. Enter the vehicle price minus any deposit or trade-in as the loan amount.
Why is my total interest so high?
Interest is charged on the outstanding balance every month. Long terms and high rates keep the balance higher for longer, so interest adds up.