How to use Loan / EMI Calculator
- Enter the loan detailsType the Loan amount, the Annual rate (%) and the Term (years). Decimals such as 4.75% are fine; the term is rounded to whole months.
- Run the calculationPress Run Loan / EMI Calculator to get a repayment estimate.
- Review the repayment estimateThe result shows the Monthly payment, the number of payments, the Total repaid and the Total interest, followed by a year-by-year table of principal, interest and remaining balance.
Common uses
- Comparing car loan offers with different rates
- Checking whether a monthly payment fits your budget
- Seeing how a shorter term changes the total interest
Frequently asked questions
How do I use Loan / EMI Calculator?
1. Enter the loan details: Type the Loan amount, the Annual rate (%) and the Term (years). Decimals such as 4.75% are fine; the term is rounded to whole months. 2. Run the calculation: Press Run Loan / EMI Calculator to get a repayment estimate. 3. Review the repayment estimate: The result shows the Monthly payment, the number of payments, the Total repaid and the Total interest, followed by a year-by-year table of principal, interest and remaining balance.
Which formula does it use?
The standard amortization (EMI) formula: M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the annual rate ÷ 12 ÷ 100 and n is the number of monthly payments, the term in years × 12 rounded to whole months. At a 0% rate, the payment is simply P ÷ n. Negative rates are rejected.
What does the estimate leave out?
It assumes a fixed rate and equal monthly payments. Fees, insurance, taxes, rate changes and extra repayments are not included, so your lender’s figures may differ. Amounts are shown in whatever currency you enter.
Is the result financial advice?
No. It is an estimate for comparison, not financial advice or a loan offer, so confirm the exact terms with your lender before deciding. To see how savings grow instead, try the Compound Interest Calculator.
Is my loan information stored?
The figures are sent to the GigaTools server, calculated and returned straight away. The response is marked private and not cached, and the tool does not save your figures.