What is the Loan Calculator?
Work out the monthly payment, total interest and total cost of a bank loan.
Enter loan amount, interest rate per year and loan term and the Loan Calculator returns monthly payment (EMI), total interest, total payment, interest as share of loan and yearly schedule. Results update as you type, and nothing you enter leaves your device.
How it is calculated
How to use it
- Enter loan amount.
- Enter interest rate per year in %.
- Enter loan term in years.
- Read monthly payment (EMI) in the results panel. It updates as you type.
- Change any value to compare scenarios, or use Share to send the result as a link.
Worked example
Common questions
What formula does the Loan Calculator use?
It uses: EMI = P × i × (1 + i)^n ÷ ((1 + i)^n − 1); P is the loan amount, i the monthly interest rate (annual rate ÷ 12 ÷ 100) and n the number of monthly payments.
What do I need to use the Loan Calculator?
You need loan amount, interest rate per year and loan term. Sensible starting values are filled in so you can see how it works straight away.
Is the Loan Calculator free, and is my data stored?
It is free with no sign-up. The calculation runs in your browser, so the values you enter are not sent to or stored on our server.