Estimate your monthly payment on any fixed-rate loan.
Understanding what a loan will actually cost each month, before signing anything, is one of the most useful financial calculations a person can run. A loan (or EMI, equated monthly installment) calculator takes the loan amount, interest rate, and repayment term, and works out the fixed monthly payment required to pay off the loan in full by the end of that term, along with the total interest paid over the life of the loan.
This is useful for comparing loan offers with different rates or terms, planning a budget around a mortgage or car loan, or simply understanding how much of each payment goes toward interest versus the principal balance, especially early in a loan's term when interest makes up a larger share of each payment.
Enter the loan amount, the annual interest rate, and the loan term in months or years. The calculator returns your fixed monthly payment amount, along with the total amount you'll pay over the life of the loan and the total interest cost.
No — this calculates the core loan payment based on principal, interest rate, and term only. Mortgages in particular often include additional costs like property tax and insurance that aren't part of this base calculation.
A fixed rate stays the same for the life of the loan, so your monthly payment never changes. A variable rate can rise or fall over time, meaning actual payments may differ from this calculation over the loan's term.
Loan interest is calculated on the remaining balance, which is highest at the start. As the balance shrinks with each payment, a growing share of each fixed payment goes toward principal instead of interest.
A longer term lowers the monthly payment but increases the total interest paid over the life of the loan, since interest accrues over more months. A shorter term raises monthly payments but reduces total interest cost.
Yes, this works for any fixed-rate installment loan, including mortgages, auto loans, and personal loans, as long as you know the amount, rate, and term.