Loan Calculator
Calculate monthly loan payments, total interest, and create an amortization schedule
Monthly Payment
$2322.17
Total Amount Paid
$278660.35
Total Interest Paid
$78660.35
Total Months
120
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Back to Finance CalculatorsUnderstanding Loan Calculations
A loan calculator is an essential tool for anyone considering borrowing money. Whether you're planning to purchase a home, car, or manage personal finances, understanding your monthly EMI (Equated Monthly Installment) and total interest payments is crucial for making informed financial decisions.
Our free loan calculator instantly computes your monthly payment amount, total interest over the loan term, and provides a complete amortization schedule. Simply input your loan amount, interest rate, and loan duration to see exactly how much you'll pay each month and the total cost of borrowing.
For example, if you borrow $200,000 at 5% annual interest over 30 years, the calculator will show your monthly payment of approximately $1,073.64, with total interest of around $186,511.57. This breakdown helps you budget effectively and compare different loan offers.
Frequently Asked Questions
What is EMI and how is it calculated?
EMI (Equated Monthly Installment) is a fixed monthly payment for a loan. 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. Our calculator does this automatically for you.
How does changing the interest rate affect my payment?
Interest rates directly impact your monthly payment and total interest paid. A higher interest rate increases your EMI and total loan cost, while a lower rate reduces both. Use our calculator to compare different interest rates and find the best loan terms.
Can I use this calculator for mortgages, car loans, and personal loans?
Yes! Our loan calculator works for any type of loan where you have a fixed interest rate and fixed loan term, including home loans, auto loans, personal loans, student loans, and business loans. The calculation method is universal.
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