Loan Calculator
Calculate monthly loan payments, total interest, and amortization schedule for any loan.
About Loan Calculator
Calculate your monthly payment, total interest paid, and view a full amortization schedule for any loan amount, rate, and term.
About this calculator
This Loan Calculator works out the monthly payment, total interest and total cost for any fixed-rate instalment loan and lists the full month-by-month schedule with calendar dates. Because it works in months and dollars-style formatting rather than rupee lakhs, it suits car loans, personal loans, student loans and any loan where you think in months rather than years.
You enter the loan amount, the annual interest rate, the term in months and the first payment month. The tool returns the fixed monthly payment, then a schedule showing for each payment the principal portion, the interest portion and the remaining balance. A zero interest rate is handled too: the payment is simply the amount divided by the number of months.
How to use it
- Enter the Loan Amount, for example 10000.
- Enter the Annual Interest Rate in percent, for example 7.
- Enter the Loan Term in months, for example 60 for a five-year loan.
- Choose the Start Date month of your first payment.
- Press Calculate and scan the schedule to see when the balance crosses key points, such as half paid off.
Tips and common mistakes
- Check whether the lender adds an origination fee. It is not part of the payment shown here and raises the real cost.
- Making one extra payment a year shortens a loan noticeably, because the extra goes entirely to principal.
- Compare offers on total interest and fees, not on the monthly figure alone.
- If the payment you are quoted is higher than this tool shows, ask for the fee breakdown.
Frequently asked questions
What kind of loan does this calculator cover?
Any fixed-rate loan with equal monthly payments: auto loans, personal loans, student loans and fixed-rate mortgages. It does not model variable rates, balloon payments or interest-only periods.
Why is there a start date field?
It labels each row of the schedule with its calendar month so you can see when each payment falls and when the loan ends.
What happens if the interest rate is zero?
The payment is the loan amount divided by the number of months, and every payment is all principal.
Is the payment the same every month?
Yes, for a fixed-rate loan. What changes is the split: early payments are mostly interest, later ones mostly principal.
How accurate is the interest total?
It is exact for the inputs you enter. Real lenders may differ slightly because of daily interest accrual, payment dates and rounding.
Can I use it for rupee loans?
Yes. The maths is currency independent. The display uses a dollar sign, so read the figures as your own currency. For Indian grouping and tenure in years use the Simple EMI Calculator.