About the Loan / EMI Calculator
See exactly what a loan will cost: the fixed monthly payment (EMI), total interest, and total amount repaid — for car loans, personal loans, or student debt.
Loan amounts and rates stay in your browser. There is no form to submit and no lender on the other end collecting what you typed.
Results are estimates for general information only and are not financial advice. Actual loan terms, returns, and taxes vary — confirm figures with your lender or advisor.
How to use it
- Enter the amount you are borrowing.
- Enter the annual interest rate and the term.
- Read the monthly payment, total repaid and total interest.
Term is the lever most people ignore
Lengthening a loan always lowers the monthly payment and always raises the total cost. Lenders lead with the monthly figure because it is the one that sounds affordable.
Compare offers on rate and total interest, not on the payment. Two loans with identical payments can differ by thousands once the term is taken into account.
A worked example
A $28,000 car loan at 7.2% over 5 years:
- Monthly payment: $557.08
- Total interest: $5,425
Stretch the same loan to 7 years and the payment drops to roughly $427 — but total interest climbs to about $7,850. That is $2,400 for the comfort of a smaller monthly bill.
Common mistakes
- Judging affordability by the monthly payment alone.
- Overlooking origination fees, which are charged upfront and are not in the interest rate.
- Assuming early repayment always saves money — a few agreements carry prepayment penalties.
Questions people ask
Is this simple or compound interest?
Most US car and personal loans are simple-interest loans: interest accrues on the outstanding balance and is not added back into the principal while you pay on time.
Does making extra payments help?
Yes, provided they are applied to principal. Confirm with the lender, as some default to applying extra money to future instalments instead.
What is APR versus interest rate?
APR bundles fees into the rate, so it is the fairer figure for comparing two offers.