Loan Payment Calculator

Enter the loan amount, annual interest rate, and repayment tenure to generate your monthly EMI instantly. The free online loan calculator works well for mortgages, auto loans, student loans, and personal loans. It supports decimal values so you can test partial years and promotional interest rates.

1. Provide the total amount you plan to borrow in the Loan Amount field.
2. Enter the nominal annual percentage rate quoted by the lender.
3. Type the loan tenure in years; the tool automatically converts it into monthly payments.

Select Calculate EMI to view your fixed monthly payment along with total interest and total repayment. Adjust the inputs to compare offers or understand how a shorter term influences affordability.

The calculator uses the amortization formula EMI = P × r × (1 + r)^n / ((1 + r)^n - 1). Here P is the principal, r is the monthly interest rate (annual rate divided by 12), andn is the total number of monthly installments. This equation spreads interest evenly across payments, creating the consistent EMI amount shown above.

Example: A $250,000 mortgage at 6.5% over 30 years produces an EMI of about $1,580. Over the life of the loan you would repay roughly $568,000, meaning $318,000 goes toward interest. Use the result to plan principal prepayments or evaluate whether refinancing makes sense.

Review the payment breakdown to understand how much of your monthly cash flow covers interest versus principal. Pair the EMI output with your household budget to confirm the loan fits within recommended debt-to-income ratios.

This tool models a fully amortizing fixed-rate loan and does not include origination fees, escrow, or variable rates. If your lender offers introductory periods or adjustable rates, rerun the numbers with updated inputs to keep projections realistic.