Loan Calculator
Estimate a fixed-rate monthly payment, scheduled interest, and whole-month amortization schedule.
Level-payment loan estimate
The calculator treats the entered rate as a nominal annual rate and divides it by 12 for equal monthly payments. Currency changes display only. Fees, APR charges, taxes, insurance, prepayments, variable-rate changes, and lender-specific day-count or rounding rules are excluded.
Must convert to a whole number of months, up to 1,200 months.
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Continue with related pages to compare results and improve decision making.
How This Loan Calculator Works
This loan calculator estimates scheduled principal and interest from the amount, nominal annual rate, and whole-month term you enter. It does not calculate APR or include lender fees, insurance, penalties, or a changing interest rate.
Formula and Calculation
The core formula used by this loan calculator is: Payment = P x i x (1 + i)^n / ((1 + i)^n - 1), where P is principal, i is the entered nominal annual rate divided by 12, and n is the whole number of monthly payments.
The formula creates level end-of-month payments for a fixed-rate, reducing-balance loan. At a zero interest rate, the payment is simply principal divided by the number of months.
If you borrow 1,500,000 at 12% for 5 years, the EMI calculator helps you compare whether extending to 7 years lowers monthly pressure enough to justify extra interest.
How to Use This Calculator
- Enter total loan amount you plan to borrow.
- Set annual interest rate offered by your lender.
- Choose a tenure that resolves to a whole number of months and run the calculation.
- Review the payment, scheduled interest, and amortization schedule alongside the lender’s APR and disclosures.
Why Use This Loan Calculator?
- Compare payment scenarios using the same fixed-rate assumptions.
- Compare scheduled principal and interest before adding lender fees.
- Plan cash flow with realistic monthly repayment targets.
- See impact of tenure changes on total interest.
Related Tools and Guides
- Try the Mortgage Calculator for a related calculation.
- Try the Compound Interest Calculator for a related calculation.
- Read the Loan Calculator Guide for examples and assumptions.
- Browse the Finance Calculators page for more tools.