Disclaimer: This loan calculator is for general informational purposes only and is not financial advice. Actual loan terms, fees, and rates vary by lender. Consult a qualified financial professional before borrowing.
About this loan calculator
This free loan calculator (also called an EMI calculator) shows your monthly payment, the total interest you will pay, and the total cost of a loan. Enter the amount you want to borrow, the annual interest rate, and the term in years, and the result updates instantly. You can switch the currency to US dollars, euros, pounds, or rupees to match where you live.
It uses the standard amortization formula, the same method banks use for fixed-rate loans such as car loans, personal loans, and home loans. Seeing the total interest helps you compare offers and understand the real cost of borrowing before you commit.
How to use it
Type the loan amount, interest rate, and term. Your monthly payment and totals appear immediately. Adjust any value to compare scenarios.
How the loan calculator works
For a fixed-rate loan, your monthly payment is found with the standard amortization formula, where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments:
M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
The calculator then multiplies the monthly payment by the number of months to get the total paid, and subtracts the loan amount to show the total interest.
Example calculation
A $10,000 loan at 5% for 1 year: about $856.07 per month, roughly $272 total interest.
Key features
Monthly payment, total interest, and total cost
Works for car, personal, and home loans
Choose your currency (USD, EUR, GBP, PKR)
Instant, private, and free
When to use it
Comparing loan offers before you borrow
Checking if a monthly payment fits your budget
Seeing how rate or term changes your cost
Understanding the true cost of borrowing
Frequently asked questions
What does the loan calculator show?
Your monthly payment, the total interest, and the total cost over the life of the loan.
Which loans does it work for?
Any fixed-rate loan such as a car, personal, or home loan, using standard amortization.
Can I change the currency?
Yes, choose dollars, euros, pounds, or rupees.
We use privacy-friendly analytics to understand traffic. No personal data is sold.