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Loan Calculator

Calculate the monthly payment, total repayment, and total interest of a loan from the amount, annual interest rate, and term in months.

About Loan Calculator

A loan payment calculator finds the fixed monthly instalment that repays a loan over its term. For a reducing balance (amortized) loan it uses payment = P × i ÷ (1 − (1 + i)^−n), where P is the amount, i the annual rate ÷ 12, and n the number of months. For a flat rate loan, payment = P ÷ n + P × i. It assumes a fixed rate and excludes fees, insurance, and taxes. Simulation only, not a loan offer.

Also known as: Loan / Mortgage Calculator, Loan EMI Calculator.

How to use Loan Calculator

  1. Fill in "Loan amount", "Interest rate per year", "Term" and "Interest type".
  2. The result appears below and updates as you type.
  3. Copy the result with the copy button, or download it as a file where that is offered.

Questions about Loan Calculator

What is the difference between flat and reducing balance interest?

Flat interest is charged on the full original amount for the whole term. Reducing balance interest is charged only on what you still owe, so at the same quoted rate the flat loan costs noticeably more.

What is an EMI?

EMI stands for equated monthly instalment, the term used in India and elsewhere for the fixed monthly payment on an amortized loan. It is the same figure as the monthly payment shown here.

Can I use this for a mortgage?

Yes, for a fixed-rate repayment mortgage. Enter the term in months, for example 360 for 30 years. Property tax, insurance, and fees are not included, so the real monthly cost will be higher.

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