Loan Calculator – Monthly Payment and Total Cost
Use this free loan calculator to see monthly payment, total repayment and total interest for any fixed-rate loan. Enter principal, annual rate and tenure in years. The tool uses the standard EMI formula—same as banks—so you can compare offers, test different tenures and plan before you borrow. No sign-up, runs in your browser.
Loan Calculator
Enter the loan amount, annual interest rate and tenure in years to see a summary of your monthly payment, total repayment and total interest cost.
How the loan calculator formula works
Fixed-rate loans use an amortization formula so each payment includes interest and principal. The monthly payment (EMI) is:
EMI = P × r × (1 + r)n / ((1 + r)n − 1)
- P = principal loan amount
- r = monthly rate (annual rate ÷ 12 ÷ 100)
- n = number of monthly payments (years × 12)
Total repayment = EMI × n; total interest = total repayment − principal. For a month-by-month breakdown, use our EMI calculator which includes an amortization schedule.
Using the loan calculator to plan borrowing
Before you take a home loan, car loan or personal loan, it helps to know exactly how much you will pay each month and how much interest you will pay over the full tenure. A loan calculator gives you that picture in seconds: you enter the amount you want to borrow, the annual interest rate (as quoted by the lender) and the repayment period in years. The tool then shows the fixed monthly installment, the total amount you will repay and the total interest. That way you can see whether the EMI fits your budget and how much the loan really costs in the long run.
Small changes in rate or tenure can have a big impact. A slightly lower interest rate or a slightly longer tenure can reduce your EMI, but a longer tenure usually means more total interest. Use the loan calculator to try different combinations: for example, a 20-year loan versus a 25-year loan at the same rate, or the same loan amount at two different rates from different lenders. You can then compare offers and choose a plan that balances monthly affordability with total cost.
This calculator uses the same EMI formula that banks use for fixed-rate loans. It does not include processing fees, insurance or other charges—only principal and interest. For a detailed month-by-month breakdown (how much of each EMI goes to principal vs interest and the balance after each payment), use our EMI calculator, which also shows an amortization schedule. Together, the loan calculator and EMI calculator help you understand both the big picture and the repayment timeline.
The calculator runs entirely in your browser and does not store your inputs. You can use it on a shared device or at work without leaving your loan details on a server. Remember that the result is an estimate: actual terms may vary with the lender, and floating-rate loans behave differently. Use the output as a planning aid and confirm final numbers with your bank or lender before signing.