Loan Calculator
Loan & CreditCalculate your monthly loan payments, total interest paid, and full amortization schedule for any loan amount, interest rate, and term.
Loan Summary
Monthly payment
$311
for 36 months
Total payment
$11,198
Total interest
$1,198
Interest rate
7.5%
Rates in Global
Yearly breakdown
3 rows| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $3,733 | $3,087 | $645 | $6,913 |
| Year 2 | $3,733 | $3,327 | $406 | $3,585 |
| Year 3 | $3,733 | $3,585 | $147 | $0 |
What is a Loan Calculator?
A loan calculator helps you quickly determine your monthly repayment amount, total interest paid, and the full cost of borrowing â before you sign any agreement. Whether you are taking out a personal loan, auto loan, or any other type of instalment credit in [GEO], this free tool gives you an instant, accurate breakdown using the standard EMI formula.
How to use this calculator
Enter the loan amount, annual interest rate, and loan term in months or years. The calculator instantly computes your fixed monthly payment using the standard amortisation formula. You can also view a full amortisation schedule showing exactly how much of each payment goes toward principal versus interest over the life of the loan.
Example
For example, a loan of $10,000 at 7.5% interest over 36 months results in a monthly payment of approximately $311. Over the full term you will pay around $1,196 in interest, making the total cost of the loan $11,196.
Frequently asked questions
What is the EMI formula used?
Monthly payment = P Ã r(1+r)âŋ / ((1+r)âŋâ1), where P is the principal, r is the monthly interest rate, and n is the number of monthly payments.
Can I use this for any type of loan?
Yes â this calculator works for personal loans, auto loans, student loans, and any other fixed-rate instalment loan.
Does the calculator include fees?
No â it calculates principal and interest only. Add any origination fees or insurance costs on top of the result for a full cost picture.
What happens if I make extra payments?
Extra payments reduce your outstanding principal faster, meaning you pay less interest overall. Use the result as your baseline and subtract your extra payments from the balance manually.
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Further reading
How Rising Interest Rates Are Affecting Mortgages in 2026
Interest rates have shifted significantly across the US, UK, Canada, and Nigeria in 2026. Here's what that means for your mortgage payments â with real numbers.
Read article âPersonal Loan vs Mortgage: When Should You Choose Which?
They're both loans â but choosing the wrong one can cost you significantly more. Here's a clear breakdown with numbers for the UK, US, Canada, and Nigeria.
Read article â