How is the monthly payment calculated?

It uses the standard amortization formula on the monthly interest rate (annual rate ÷ 12). A zero-interest loan simply splits the amount evenly across the months.

Does it include taxes, fees, or insurance?

No. It estimates principal and interest only. Property taxes, insurance, and fees on a mortgage are extra and vary by lender.

Is my data sent anywhere?

No. The calculation runs entirely in your browser; nothing is uploaded.

Why does a longer term mean more interest?

A longer term lowers each monthly payment because the principal is spread over more months, but interest is charged on the outstanding balance every one of those months, so you pay it for longer. The result is a smaller monthly payment yet a larger total interest over the life of the loan.

Loan & EMI Calculator

Estimate the monthly payment on a loan or mortgage, plus the total you'll repay and the interest, from the amount, rate, and term.

Loan amount

Annual interest rate (%)

Term (years)

Monthly payment

Total paid

Total interest

How to use it

Enter the loan amount, the annual interest rate, and the term in years. The fixed monthly payment, the total you will repay, and the total interest all update as you type, so you can try different figures and see the effect at once. Everything is calculated in your browser, so none of your numbers are uploaded. The monthly payment is worked out with the standard amortization formula applied to the monthly interest rate, which is the annual rate divided by twelve. That formula spreads the loan into equal payments where the early ones are mostly interest and the later ones mostly principal, so the balance falls slowly at first and faster near the end. A loan entered with zero interest simply divides the amount evenly across the months. The figures cover principal and interest only. Property taxes, home or loan insurance, origination fees, and mortgage insurance are not part of the number, so a real monthly bill can be higher than the payment shown here, and the calculation assumes a fixed rate for the whole term rather than a rate that changes over time. It is an estimate for comparison, not a quote or financial advice. As a worked example, a 20,000 loan at a 6 percent annual rate over 5 years works out to roughly 387 a month, about 23,200 repaid in total, and around 3,200 of that being interest. Stretch the same loan to a longer term and the monthly payment drops, but because interest is charged for more months the total interest goes up. Running the numbers this way is useful for comparing loan or mortgage offers, budgeting for a car or personal loan, and seeing how a different rate or term changes both the monthly payment and the lifetime cost. To invest a regular amount instead of repaying a loan, try the SIP calculator.

Frequently asked questions

How is the monthly payment calculated?: It uses the standard amortization formula on the monthly interest rate (annual rate ÷ 12). A zero-interest loan simply splits the amount evenly across the months.
Does it include taxes, fees, or insurance?: No. It estimates principal and interest only. Property taxes, insurance, and fees on a mortgage are extra and vary by lender.
Is my data sent anywhere?: No. The calculation runs entirely in your browser; nothing is uploaded.
Why does a longer term mean more interest?: A longer term lowers each monthly payment because the principal is spread over more months, but interest is charged on the outstanding balance every one of those months, so you pay it for longer. The result is a smaller monthly payment yet a larger total interest over the life of the loan.