Finance
Solve for monthly payment or loan duration based on principal, rate, and one unknown.
Monthly Payment
$387$
Fixed amount payable each month
Calculates fixed monthly payment (EMI) for a given loan term using amortization.
A payment calculator is a financial tool that solves for unknowns in a loan. Give it a loan amount and interest rate, then choose: (1) fixed-term mode calculates your monthly payment given a specific number of months, or (2) fixed-payment mode calculates how many months you'll take to repay if you commit to a specific monthly amount. Both modes show total interest cost and final repayment amount.
In fixed-term mode, the calculator uses the standard amortization formula to break down a fixed principal over a set number of months, producing an equal monthly payment that covers both principal and interest. In fixed-payment mode, it reverses the formula—given a monthly payment amount, it solves for the number of months using logarithmic calculations. Both outputs include total interest accrued and total amount paid over the loan life.
Fixed-Term: EMI = P × [r(1+r)^n] / [(1+r)^n - 1] | Fixed-Payment: n = -ln(1 - Pr/M) / ln(1+r)In fixed-term, P is principal, r is monthly rate (annual÷1200), and n is months; EMI is the constant monthly payment. In fixed-payment, M is the monthly payment; solving for n tells you how long the loan lasts. Both assume constant interest rates and no prepayment penalties.
| Input | Result | Notes |
|---|---|---|
| Loan: $20,000 | Rate: 6% p.a. | Term: 60 months | Monthly Payment: $386 | Total Interest: $3,096 | Total Payable: $23,096 | A car loan scenario; 5-year term at moderate interest rate |
| Loan: $50,000 | Rate: 5% p.a. | Monthly Payment: $943 | Time to Pay Off: 60 months (5 years) | Total Interest: $6,580 | Total Payable: $56,580 | Fixed payment mode; if you commit to $943/month, you'll be debt-free in exactly 5 years |
| Loan: $10,000 | Rate: 3.5% p.a. | Term: 36 months | Monthly Payment: $286 | Total Interest: $295 | Total Payable: $10,295 | Personal loan with low interest and short term; minimal interest cost |
Interest rate is the pure cost of borrowing. APR (annual percentage rate) includes origination fees, insurance, and other lender costs, so it's higher and reflects your true borrowing cost. Always use APR in the calculator for accuracy.
Yes—mortgages, auto loans, personal loans, student loans, credit cards, and any amortized debt with a fixed interest rate. Variable-rate loans change rates over time, so you'll need to recalculate when rates reset.
Amortization front-loads interest. In month 1 of a 60-month loan, most of your payment covers interest on the full principal. As the principal shrinks, more of each payment goes to principal reduction. This is normal and expected.
Even small extra payments dramatically reduce total interest and shorten the loan. A $50/month extra on a $200,000 mortgage can save $50,000+ in interest and cut years off the loan. Use this calculator to model the scenario.
This calculator assumes a fixed rate for the entire term. If your rate resets annually or adjusts with market conditions, recalculate whenever the rate changes to see your new monthly payment or payoff schedule.
Longer terms reduce monthly stress but cost much more in total interest. Always calculate total interest for both options. Often a modest increase in monthly payment pays off dramatically in interest saved—weigh the cash-flow impact carefully.