₹5,00,000 loan at 8% for 5 years
Inputs
- loanAmount
- 500000
- interestRate
- 8
- loanTerm
- 5
- termUnit
- years
Result
Estimated monthly payment is ₹10,138.20, total interest is approximately ₹1,08,292.07, and total repayment is approximately ₹6,08,292.07.
Finance
Loan Calculator
Calculate your monthly loan payment, total interest, and total repayment based on the loan amount, interest rate, and loan term.
Loan Calculator calculator
₹
Loan Calculator
Enter the values below to calculate your result.
₹
%
₹
Your result will appear here
Enter the required values and click Calculate to see your result.
Advertisement
How does the loan calculator work?
Enter the loan amount, annual interest rate, loan term, and whether the term is measured in years or months. The calculator converts the term into monthly payments and estimates the fixed monthly payment, total interest, and total repayment.
Formula
Monthly Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)Examples
₹10,00,000 loan at 10% for 10 years
Inputs
- loanAmount
- 1000000
- interestRate
- 10
- loanTerm
- 10
- termUnit
- years
Result
Estimated monthly payment is approximately ₹13,215.07, with total interest of approximately ₹5,85,808.40.
₹2,00,000 loan at 0% for 2 years
Inputs
- loanAmount
- 200000
- interestRate
- 0
- loanTerm
- 2
- termUnit
- years
Result
With a 0% interest rate, the estimated monthly payment is ₹8,333.33 and the total repayment is ₹2,00,000.
About this calculator
A loan calculator helps you estimate the monthly payment and total cost of borrowing before taking a loan.
Enter the loan amount, annual interest rate, and repayment term to calculate the estimated monthly payment, total interest, and total repayment.
The calculator assumes a standard amortizing loan with equal monthly payments. The calculation uses the annual interest rate converted to a monthly rate.
A longer loan term can reduce the monthly payment, but it may increase the total interest paid over the life of the loan. Comparing different loan terms can help you understand the trade-off between monthly affordability and total borrowing cost.
You can use this calculator for common borrowing scenarios such as personal loans, car loans, home loans, education loans, and other loans with fixed monthly repayments.
Frequently asked questions
What does a loan calculator calculate?
It estimates the monthly payment, total interest, and total repayment based on the loan amount, annual interest rate, and repayment term.
How is the monthly loan payment calculated?
The monthly payment is calculated using the loan principal, monthly interest rate, and total number of monthly payments.
Does a longer loan term reduce the monthly payment?
Usually, yes. A longer repayment period generally lowers the monthly payment, but it can increase the total interest paid.
Does a higher interest rate increase the loan payment?
Yes. For the same loan amount and repayment term, a higher interest rate generally results in a higher monthly payment and more total interest.
What happens if the interest rate is 0%?
When the interest rate is zero, the loan amount is divided equally across the total number of monthly payments, so no interest is added.
Can I enter the loan term in months?
Yes. Select Months as the term unit and enter the number of months for the repayment period.
Can I use this calculator for a home loan or car loan?
Yes. You can use it for loans that use equal monthly repayments, including many home, car, personal, and education loan scenarios.
Does this calculator include processing fees or other loan charges?
No. The calculation estimates the principal and interest repayment only. Processing fees, insurance, taxes, penalties, and other lender-specific charges are not included.
Is the calculated loan payment guaranteed to match my lender's payment?
Not necessarily. Actual loan payments can differ because lenders may use different calculation methods, rounding rules, fees, repayment schedules, or other loan terms.
Advertisement