Loan Calculator
Calculate your monthly loan payment, total interest, total repayment and year-wise loan repayment schedule.
Loan Repayment Schedule
See how your principal, interest and outstanding loan balance change over time.
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance |
|---|
What is a Loan Calculator?
A loan calculator helps you estimate how much you may need to pay every month when borrowing money. Enter the loan amount, annual interest rate and repayment period to calculate the estimated monthly payment.
How is the Monthly Loan Payment Calculated?
EMI = P × R × (1 + R)N ÷ ((1 + R)N − 1)
P = Principal loan amount
R = Monthly interest rate
N = Total number of monthly payments
Principal and Interest
The principal is the amount you borrow. Interest is the cost charged for borrowing that money. In a typical reducing-balance loan, each monthly payment contains both principal and interest.
During the earlier part of a loan, a larger proportion of the payment may go toward interest. As the outstanding balance decreases, a larger proportion can go toward repaying principal.
Disclaimer: This calculator is provided for educational and financial-planning purposes only. Results are estimates. Actual payments and borrowing costs can differ depending on the lender, fees, taxes, insurance, rate changes, payment dates, rounding methods, prepayments and other terms.