1
Enter Loan Details
Input your desired loan amount, the annual interest rate offered by your lender, and the loan term in years or months.
Loan Calculator
Calculate EMI, total interest, and payment schedule
$
Term: 0 years
Monthly Payment (EMI)$0.00
Total Interest$0.00
Total Payment$0.00
Pro Tip
Before taking out a loan, shop around with at least 3-5 lenders. Even a 0.5% difference in interest rate can save you thousands over the life of the loan. Also, improving your credit score by just 50 points can significantly lower your interest rate.
Common Loan Types and Interest Rates (2026)
| Loan Type | Typical APR Range | Term Length |
|---|---|---|
| Mortgage (30-year) | 6.5-7.5% | Long-term |
| Auto Loan (5-year) | 5.0-8.0% | Medium-term |
| Personal Loan | 8.0-15.0% | Varies |
| Student Loan (Federal) | 4.5-7.5% | Long-term |
| Home Equity Loan | 7.0-10.0% | Medium-term |
User Guide: Calculate Your Loan Payments
2
Review EMI Calculation
See your calculated monthly payment (EMI) that includes both principal and interest portions.
3
Analyze Total Cost
Compare total interest paid versus principal to understand the true cost of your loan over time.
Frequently Asked Questions
EMI (Equated Monthly Installment) is a fixed payment amount made by a borrower to a lender at a specified date each month. It's calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of months. This ensures you pay off both principal and interest over the loan term.
Interest rate has a significant impact on your monthly payments and total cost. A higher interest rate means higher monthly payments and more money paid over the life of the loan. For example, on a $200,000 30-year mortgage, a 1% increase in interest rate can add over $100 to your monthly payment and $40,000+ to your total payment.
Shorter loan terms mean higher monthly payments but less total interest paid. Longer terms offer lower monthly payments but cost more overall. For example, a 15-year mortgage vs 30-year: the 15-year has higher payments but you'll pay significantly less interest total. Choose based on your budget and financial goals.
Understanding Loan Calculations
Our free loan calculator helps you estimate monthly payments for mortgages, auto loans, personal loans, and more. Understanding your EMI before committing to a loan is crucial for financial planning and budgeting.
The calculator uses the standard amortization formula to give you accurate results. Remember that actual loan terms may vary based on your credit score, down payment, and lender policies. Always compare multiple loan offers before making a decision.