MyCalculatorHow it works
Uses the standard amortizing loan formula: Payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is principal, r is the monthly rate, and n is the number of monthly payments.
Example
A 20,000 loan at 7.5% over 5 years gives a monthly payment of about 400.76, total repayment of about 24,046, and total interest of about 4,046.
Assumptions & limitations
Assumes a fixed rate and equal monthly payments. Doesn't include fees, insurance or taxes, which vary by lender and country.
Frequently asked questions
Is this the same as an EMI calculator?
Yes — EMI is the term commonly used in India and parts of Asia for the same fixed monthly loan payment. See our dedicated EMI calculator if you prefer that terminology.