Loan Calculator
Work out loan repayments, total cost and interest over the full term.
Frequently Asked Questions
How is the monthly loan payment calculated?+
It uses the amortization formula: Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the term in months. The term you enter in years is converted to months automatically.
What is the difference between the loan amount and total payment?+
The loan amount (principal) is what you borrow. The total payment is the sum of all your monthly payments over the term, which includes both the principal and the interest charged.
Does a longer loan term cost more?+
Usually yes. A longer term lowers each monthly payment but means you pay interest for longer, so the total interest and overall cost of the loan increase.
Related Tools
GST Calculator
Calculate GST inclusive and exclusive amounts for any tax slab.
GST Add/Remove Calculator
Add GST to a base amount or remove GST from a gross amount instantly.
EMI Calculator
Calculate monthly EMI, total interest and total payment for any loan.
Compound Interest Calculator
See how investments grow with compound interest and regular contributions.