💰 Loan Calculator

Calculate EMI, Total Interest & Complete Repayment Schedule

Quick answerA fixed-rate loan payment = P × r ÷ (1 − (1 + r)−n), with r the monthly rate and n the number of months. A $10,000 loan at 8% over 5 years costs about $202.76 a month, and about $2,165.84 in total interest.

How to calculate a loan payment

  1. Enter the loan amount.
  2. Enter the annual interest rate and the term.
  3. Read the monthly payment and total interest.
  4. Try a shorter term or a larger payment to see how much interest you save.
$
$1K $10M
0.1% 20%
1 Year 40 Years

📊 Results

Monthly EMI
$1,148
Total Interest
$75,520
Total Amount Payable
$275,520
Total Payments
240
📌 How EMI is Calculated: EMI (Equated Monthly Installment) is calculated using the formula: EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is principal, r is monthly interest rate, and n is number of months.

📋 Amortization Schedule

Showing first 12 months and last 12 months

Month Payment ($) Principal ($) Interest ($) Balance ($)

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💡 Tips for Using This Calculator:
  • Adjust the loan amount, interest rate, and tenure using sliders for quick calculations
  • The amortization schedule shows how your payment is split between principal and interest
  • In early months, most of your payment goes towards interest
  • As you progress, more goes towards reducing the principal
  • Use this to compare different loan terms and find the best option for you

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Loan calculator FAQ

How is a monthly loan payment calculated?

The payment is P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly interest rate (the annual rate divided by 12) and n is the number of monthly payments. A $10,000 loan at 8% over 5 years has a payment of about $202.76 a month.

How much interest will I pay on a loan?

Total interest is the monthly payment times the number of payments, minus the amount borrowed. For a $10,000 loan at 8% over 5 years that is about $2,165.84. A shorter term or a lower rate reduces the total interest.

Does a longer loan term save money?

A longer term lowers the monthly payment but increases the total interest you pay, because you owe the balance for longer. A shorter term has higher payments and less interest overall.

Can I pay off a loan early?

Often yes. Extra payments go toward the principal, which cuts the interest charged on the remaining balance. Check with your lender for any prepayment fees before paying early.

Is this loan calculator a quote from a lender?

No. It gives an estimate using the standard fixed-rate formula. Your lender's rate, fees and rules decide your actual payment.