Calculators
Loan Calculator
Beyond the monthly payment: total interest, processing fees, and a payoff schedule that shows what the loan really costs over its life.
In short
Work out the true cost of any loan: monthly payment, total interest, one-time fees, and a year-wise payoff schedule — instantly and privately in your browser.
By NaveenKumar T · Updated
Learn: How EMI Is Calculated: The Formula, a Worked Example and an Amortization Schedule
- Monthly payment + total cost
- Includes one-time fees
- Year-wise payoff schedule
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The number that matters is the total
Loan marketing leads with the monthly payment because it's the smallest number in the room. The economically meaningful figure is the total you'll repay: principal, plus interest determined by rate and tenure, plus the fees that arrive disguised as paperwork. This calculator folds them into one comparable total.
The payoff schedule earns its place when life changes mid-loan: it shows the outstanding balance at any year, which is what you'd settle if you sold the asset, refinanced at a better rate, or made a lump-sum prepayment. Knowing that curve before signing turns surprises into plans.
Worked example: ₹5,00,000 at 11% for 5 years, plus a ₹5,000 fee
A ₹5,00,000 personal loan at 11% for 5 years (60 months) comes out to a ₹10,871.21 monthly payment — ₹1,52,272.69 in interest, for ₹6,52,272.69 before fees. Add a flat ₹5,000 processing fee and the true total cost is ₹6,57,272.69 — the single number worth comparing against a competing offer, not the monthly payment or the headline rate alone.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | ₹10,871.21 | ₹6,287.88 | ₹4,583.33 | ₹4,93,712.12 |
| 2 | ₹10,871.21 | ₹6,345.52 | ₹4,525.69 | ₹4,87,366.60 |
| 3 | ₹10,871.21 | ₹6,403.68 | ₹4,467.53 | ₹4,80,962.92 |
| 60 (last) | ₹10,871.21 | ₹10,772.46 | ₹98.75 | ₹0.00 |
A disclaimer worth reading before you borrow
Illustrative; check your lender's exact terms — fees, rounding conventions, and the actual first-payment date all shift the real figures slightly.
For a plain-English breakdown of rate versus APR, the CFPB's explainer is a good second read before you sign.
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Frequently asked questions
Everything you need to know about the Loan Calculator.
01What is the difference between the interest rate and the APR, and which does this calculator use?
The interest rate is what the monthly payment is computed from; the APR folds one-time fees into an annualised cost of borrowing. This calculator uses the rate for the payment and adds fees to the total-cost figure instead of restating them as an APR, which makes two offers comparable as one total against another. A low rate with a 1% processing fee can cost more than a slightly higher rate with none.
02How is the monthly payment computed?
Using standard amortization: payment = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1) with monthly compounding. One-time fees are added to the total-cost figure (they don't change the monthly payment) so you can compare offers whose 'low rate' hides high fees.
03Two offers, different rates and fees — how do I compare?
Compute both here and compare total cost, not the rate. A 0.25% lower rate can be wiped out by a 1% processing fee on shorter tenures. The total-payment card includes fees precisely so the comparison is one number against one number.
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