Personal Loan EMI Calculator
Loan Calculator
Loan Details
Monthly Payment
$0
Total Cost
$0
Total Interest
$0
Loan Details
Loan-to-Value Ratios
The loan calculator finds your monthly payment, total interest, and total cost for any fixed-rate loan. Use it for personal loans, car loans, student loans, or any installment debt before you sign.
Loan Payment Formula (EMI)
EMI = P x [r(1+r)^n] / [(1+r)^n - 1]
EMI = equated monthly installment. P = principal. r = monthly interest rate (annual rate / 12). n = number of months. Example: $15,000 at 9% for 5 years. r = 0.0075. n = 60. EMI = $311.38.
Monthly Payment Reference Table
| Loan Amount | 5% / 3yr | 9% / 5yr | 12% / 5yr | 15% / 3yr |
|---|---|---|---|---|
| $5,000 | $149.85 | $103.79 | $111.22 | $173.33 |
| $10,000 | $299.71 | $207.58 | $222.44 | $346.65 |
| $15,000 | $449.56 | $311.38 | $333.67 | $519.98 |
| $25,000 | $749.27 | $518.96 | $556.11 | $866.63 |
| $50,000 | $1,498.53 | $1,037.92 | $1,112.22 | $1,733.25 |
Total Interest Cost
Interest rate and loan term both affect the total cost dramatically. A $20,000 personal loan at 10% for 3 years costs $3,232 in total interest. The same loan over 5 years costs $5,496 in total interest. Extending the term lowers the monthly payment but raises the total cost.
| $20,000 Loan at 10% | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 2-year term | $921 | $1,082 | $21,082 |
| 3-year term | $645 | $3,232 | $23,232 |
| 5-year term | $425 | $5,496 | $25,496 |
| 7-year term | $332 | $7,896 | $27,896 |
Loan Fees to Watch For
The interest rate alone does not tell the full story. Origination fees typically range from 1-8% of the loan amount and are sometimes deducted from the disbursement. The APR (Annual Percentage Rate) includes the interest rate plus most fees and gives a more accurate comparison between lenders. Always compare APR, not just the stated interest rate.
Frequently Asked Questions
How do I calculate a loan payment?⌄
Use the EMI formula: P x [r(1+r)^n] / [(1+r)^n - 1]. Or enter your loan amount, rate, and term in this calculator. For a $10,000 loan at 8% over 4 years, the monthly payment is $244.13.
What is a good interest rate for a personal loan?⌄
Personal loan rates typically range from 6% to 36%. Borrowers with excellent credit (750+) qualify for rates below 10%. Average credit (650-700) typically sees rates of 15-20%. Rates above 25-30% are considered high-cost and should be avoided when alternatives exist.
Is it better to get a shorter or longer loan term?⌄
Shorter terms save significantly on total interest but require higher monthly payments. Longer terms lower the payment but cost more overall. Choose the shortest term your budget allows. Avoid extending a term just to lower the payment if the additional interest cost is substantial.
What is the difference between APR and interest rate on a loan?⌄
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) adds origination fees, closing costs, and other charges to give the true annual cost. Always use APR when comparing loan offers from different lenders.
Can I pay off a loan early?⌄
Most personal and auto loans allow early payoff. Some lenders charge a prepayment penalty (usually 1-3% of the remaining balance), but this is increasingly rare. Check your loan agreement for any prepayment clause before making extra payments.