Loan Calculator
Free Loan Calculator to estimate monthly loan payments, total interest, total repayment, and loan amortization for home, auto, and personal loans.
What does this Loan Calculator do?
This calculator estimates the monthly payment for any amortizing loan — home, auto, or personal — using the same standard formula banks use to compute equal monthly installments over the life of a loan.
The formula
Payment = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Step-by-step example
For a ₹25,00,000 home loan at 9% annual interest over 15 years (n = 180 months, r = 0.0075): monthly payment ≈ ₹25,356. Over the full term, total payments ≈ ₹45,64,080, meaning total interest paid ≈ ₹20,64,080.
Tips & common mistakes
- This estimate covers principal and interest only — it does not include property taxes, homeowner's insurance, PMI, or loan origination fees, all of which add to your actual monthly cost on a real mortgage.
- Shortening the loan tenure increases the monthly payment but substantially reduces total interest paid — worth modeling both ways before committing.
- Fixed-rate and variable-rate loans behave very differently over time — this calculator assumes a fixed rate for the entire tenure.
Frequently asked questions
No — this estimates principal-and-interest payments only. Property tax, insurance, origination fees and other charges will add to your actual monthly cost.