CalculatorZoneHow to use the loan calculator
Enter the loan amount, the yearly interest rate and the term in years. The result and the principal-versus-interest bar update as you type.
How the loan calculator works
The monthly payment uses the standard amortization formula: P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12) and n the number of monthly payments. Total interest is total payments minus the amount borrowed.
Frequently asked questions
How is a loan EMI calculated?
The EMI is found with the amortization formula using the loan amount, monthly rate and number of months.
How can I reduce total interest?
Choose a shorter term, make a larger down payment or make extra payments toward the principal.
Are fees included?
No. Processing fees and insurance are not included, so your lender's quote may differ slightly.