Loan Calculator

Calculate monthly loan payments, total interest, and total amount paid. Works for mortgages, auto loans, and personal loans.

Last updated: June 1, 2026

Loan Amount ($)

Interest Rate (% p.a.)

Loan Term (years)

Monthly Payment

$1,580.17

Total Interest

$318,861

Total Paid

$568,861

What is Loan Calculator?

A loan calculator determines monthly payments, total interest paid, and complete amortization schedules for any type of loan — home, auto, personal, or education. It answers the fundamental borrowing question: how much will this loan actually cost me? By seeing the total interest over the loan's life (often 50-100% of the principal for long-term loans), you can make informed decisions about loan amounts, tenure choices, and whether to make prepayments to reduce total interest costs.

How It Works

Enter the loan principal, annual interest rate, and loan term (months or years). The tool uses the standard loan amortization formula to calculate the fixed monthly EMI. It then generates a complete month-by-month amortization table showing how each payment splits between principal and interest. Early payments are heavily weighted toward interest, gradually shifting toward principal over time. The summary shows total amount paid, total interest cost, and the interest-to-principal ratio.

Common Use Cases

•Estimating monthly payments before applying for a mortgage, auto loan, or personal loan
•Comparing loan offers by calculating total cost at different rates and tenures
•Understanding how much of early payments goes to interest vs actually reducing your debt
•Calculating the interest savings from making a larger down payment on a home or car
•Planning prepayment strategy by seeing how extra payments reduce tenure and total interest
•Budgeting for loan commitments by understanding exact monthly cash outflow requirements