Key takeaways
- Loan Calculator works out your monthly payment (EMI) from the loan amount, interest rate, and term.
- It also shows total interest paid over the life of the loan — often a bigger number than people expect.
- A yearly breakdown shows how much of each payment goes to principal vs interest, which shifts over time.
- Useful for comparing loan offers before signing, not just checking an offer you've already accepted.
Working out a payment
Open Loan / EMI Calculator, enter the loan amount, annual interest rate and term, and the monthly payment, total interest, and yearly breakdown appear instantly — adjust any of the three inputs to see how the payment changes.
Why the total interest number is worth checking
It's easy to focus only on the monthly payment when comparing loans, since that's the number that affects your budget day to day. But a longer term with a lower monthly payment often means paying significantly more in total interest over the life of the loan — the total interest figure makes that trade-off visible before you commit.
Frequently asked questions
Does this account for fees or insurance added to a loan?
No — it calculates the core principal-and-interest payment. Add any fees or required insurance separately when comparing offers, since lenders often quote those apart from the base EMI.
Can I use it for a mortgage?
Yes, the same principal/rate/term calculation applies to mortgages as well as personal or auto loans.