Turn a car, personal, or student loan into a level monthly payment, total interest, and total paid.
| Monthly | – |
| Total interest | – |
| Total paid | – |
Use this loan calculator for a fixed-rate auto, personal, or student loan (EMI). It is the same idea as a mortgage, without house tax or insurance. Extra fees, variable rates, and early repayment are not modelled.
The annual rate is split into 12, and the payment is sized so principal plus interest is cleared over the term: monthly = P × r / (1 − (1 + r)^(−n)), where r is the monthly rate and n is months. If the rate is essentially zero, the payment is principal ÷ months. Total paid is payment × months; interest is that minus what you borrowed. Type 7.5 for 7.5% APR.
Principal: The amount you are borrowing today, in your currency.
APR (%): Yearly interest as a percent, e.g. 7.5 for 7.5% APR.
Years: How many years until it is paid off.
Monthly: The level monthly payment (EMI).
Total interest: What you pay on top of the principal.
Total paid: Principal plus interest over the full term.
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