How to use the Loan Calculator tool
3 simple steps · under a minute
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Enter the loan amount
Type how much you plan to borrow.
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Add the rate and term
Enter the yearly interest rate and how long you will take to repay it.
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Read the breakdown
See the monthly payment, total interest and the balance year by year.
About Loan calculator
This loan calculator works out the fixed monthly payment for a personal loan, car loan, student loan or any other loan repaid in equal instalments. Enter the amount, the annual interest rate and the term, and it shows the payment, the total interest and the total amount you will repay.
The amortization schedule shows how each year’s payments are split between interest and principal. Early on most of each payment is interest; as the balance falls, more goes towards paying off the loan itself. Comparing terms here makes it easy to see how a shorter loan saves interest.
Monthly payment (EMI)
Uses the standard amortization formula that banks use for fixed-rate loans.
Interest vs principal
A chart shows how much of what you repay is interest, at a glance.
Amortization schedule
A yearly table shows the interest, principal and remaining balance for every year.
Frequently asked questions
How is the monthly loan payment calculated?
Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments.
What is EMI?
EMI stands for Equated Monthly Instalment — the fixed amount you pay every month until the loan is repaid. It is the same as the monthly payment shown here.
Does a longer term save money?
A longer term lowers the monthly payment but increases the total interest you pay. A shorter term costs more each month and less overall.
Are fees and insurance included?
No. The calculator covers principal and interest only. Processing fees, insurance and taxes vary by lender, so add them separately.
Is this financial advice?
No. Results are estimates for planning. Your lender’s offer may differ, so confirm the exact figures with them.