Loan Calculator
Calculate your monthly EMI, total payment and interest for any loan
How to Use the Loan Calculator
Our loan calculator helps you estimate your monthly payments and total interest for various types of loans including personal loans, auto loans, and mortgages.
Step-by-Step Guide:
- Enter Loan Amount: Input the total amount you plan to borrow (e.g., $25,000 for a car loan).
- Set Loan Term: Enter the duration of your loan in years (e.g., 5 years for a typical auto loan).
- Input Interest Rate: Enter the annual interest rate (APR) for your loan (e.g., 4.5%).
- Select Compounding Frequency: Choose how often interest is compounded (typically monthly for most loans).
- Choose Payment Frequency: Select how often you'll make payments (usually monthly).
- Click Calculate: View your estimated monthly payment, total interest, and full payment schedule.
Understanding the Results:
- Monthly Payment: The amount you'll need to pay each month to repay the loan.
- Total Payment: The sum of all payments over the life of the loan.
- Total Interest: The total amount of interest you'll pay over the loan term.
- Payment Schedule: A detailed breakdown showing how each payment is split between principal and interest.
Tip: Try adjusting the loan term to see how it affects your monthly payment and total interest. Longer terms mean lower monthly payments but higher total interest.