Calculate your loan payments, interest, and amortization schedule with our comprehensive loan calculator
Calculate Your LoanCalculate your loan payments, interest, and amortization schedule
Calculate your monthly payment, total interest, and amortization schedule for a standard loan.
This is the standard loan calculator. Enter your loan details above and click Calculate.
Determine how much loan you can afford based on your desired monthly payment.
See how extra payments can reduce your loan term and total interest paid.
Compare different loan scenarios to find the best option for you.
Compare up to 3 different loan scenarios side by side.
Enter your loan details and click "Calculate" to see results.
The monthly payment is calculated using the standard loan payment formula that takes into account the principal loan amount, interest rate, and loan term. For fixed-rate loans, the formula is: P = [r * PV] / [1 - (1 + r)^-n], where P is the payment, r is the monthly interest rate, PV is the loan amount, and n is the number of payments.
The Standard calculator assumes monthly payments and monthly compounding. The Advanced calculator allows you to customize payment frequency (monthly, bi-weekly, weekly) and compounding frequency (monthly, semi-annual, annual, daily), as well as set a specific start date for your loan.
Extra payments reduce your principal balance faster, which decreases the total interest paid over the life of the loan and can shorten your loan term. Even small extra payments can make a significant difference in the long run.
EMI stands for Equated Monthly Installment. An EMI calculator is commonly used for fixed installment loans like car loans and home loans, where the payment amount remains the same throughout the loan term. It calculates the fixed monthly payment based on the loan amount, interest rate, and tenure.
Our loan calculator uses standard financial formulas and provides accurate estimates for fixed-rate loans. However, actual loan terms may vary based on the lender's specific policies, fees, and other factors. Always consult with your financial institution for precise loan details.