Use this loan calculator to estimate your monthly repayments, total interest, and full payment amount. Enter the loan amount, annual interest rate, and duration in both years and months for more accurate results. This tool is useful for personal, home, business, or vehicle loans.
How It Works
The monthly repayment (EMI) is calculated using this formula:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
- P = Loan principal
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Total months (years × 12 + months)