EVERYDAY CALCULATORS
Loan Calculator — Monthly Payment, Interest & Total
Estimate your monthly loan payment (EMI), total interest, and total cost from the amount, rate, and term using standard amortization. In-browser, no signup.
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1,073.64 / month
Total 386,511.57 · Interest 186,511.57
Estimate what a fixed-rate loan costs each month and overall. Enter the amount borrowed, the annual interest rate, and the term, and the calculator returns the monthly payment (the EMI), the total interest, and the total repaid.
It uses the standard amortization formula banks use: payment = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly rate (annual rate ÷ 12), and n is the number of monthly payments.
It is an estimate — what it leaves out
This is a planning figure, not a quote. It assumes a single fixed rate for the whole term and no extra charges. Real loans often add arrangement fees, insurance, and taxes, and variable-rate loans can change your payment partway through, so your actual cost may be higher.
Enter the annual percentage rate, not a monthly one — the tool converts it internally. If you enter a monthly rate by mistake, the payment will come out far too high.
A worked example
Borrow 10,000 at 6% annual interest over 5 years (60 monthly payments):
Monthly rate r = 6% ÷ 12 = 0.5% = 0.005; number of payments n = 60.
Monthly payment ≈ 193.33.
Total repaid ≈ 193.33 × 60 = 11,599.68, so total interest ≈ 1,599.68 on top of the 10,000 borrowed.
Notice that early payments are mostly interest and later ones mostly principal — interest is charged on the outstanding balance, which is highest at the start, so overpaying early saves the most.
Frequently asked questions
- What does EMI mean?
- Equated Monthly Instalment — the fixed amount you pay each month on an amortizing loan. It stays the same every month on a fixed-rate loan, even as the split between interest and principal shifts.
- Why is so much of my early payment interest?
- Interest is charged on the balance still owed, which is largest at the start. So early payments are mostly interest and only a little principal; as the balance falls, more of each payment goes to principal.
- Is my financial data private?
- Yes. Everything is calculated in your browser and nothing is uploaded, so the amounts you enter stay on your device.