Estimate your loan repayment schedule, total interest and total repayment amount.
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This loan calculator uses the same underlying formula as EMI: Monthly Payment = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. The loan tenure you enter in years is converted to months internally before applying the formula.
For a loan of 250,000 at 7.2% annual interest over 15 years (180 months): the monthly interest rate is 7.2 ÷ 12 ÷ 100 = 0.006. Applying the loan formula gives a fixed monthly payment of 2,275.12. Over the full 180 months, total interest comes to 159,520.59, bringing the total repayment to 409,520.59, nearly 64% more than the amount borrowed. The full amortization schedule below breaks down exactly how much of each payment goes toward principal versus interest.
Entering the loan tenure in months when this calculator expects years, unlike the EMI Calculator, which uses months, entering '180' here instead of '15' would produce a wildly wrong result.
Focusing only on the monthly payment without checking total interest, as the worked example shows, total repayment can end up well over 50% more than the original loan amount on a long term.
Forgetting this estimate excludes processing fees, insurance, and other lender charges that add to the real total cost of the loan.
This calculator uses tenure in years and focuses on total repayment and interest cost, while the EMI calculator focuses on the monthly installment using tenure in months. Both use the same underlying formula.
No, this calculator estimates principal and interest only. Processing fees, insurance, or other charges are not included and vary by lender.
Yes, the amortization schedule below shows a year-by-year or month-by-month breakdown of principal, interest and remaining balance for the entire loan term.
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